What is the SSS Flexi Fund? This type of fund by the SSS is solely intended for OFWs. The form that the SSS is giving for those who want to claim for the SSS Flexi Fund is the DDR-2 form. This form is otherwise known as the SSS Flexi-Fund for Overseas Filipino Workers.
Flexi Fund by Definition of the SSS
According to a press release by the Social Security Service (SSS), the FLEXI FUND is - "A Voluntary Provident Fund for Overseas Filipino Workers. The program is a voluntary provident fund that provides a mechanism for the OFW to save more for the future, complementing the benefits under the regular SSS programs. This means the program is open only to OFWs abroad and is added on top of existing SSS-OFW membership benefits. "
This program is TAX-FREE and an OFW member is open to avail of the fund with a minimum of 3 years after the commencement date. Members also have the option to leave the fund be until they want to use it upon retiring. So this leaves them 2 options which I have mentioned above.
The flexi fund is actually a part of the OFW's income while working abroad under some mechanism provided by overseas employment. Remember that this is totally tax-free which means that should the OFW decide to take it from the SSS, they should receive the said fund in full amount with no tax at all.
The flexi fund is actually where the monthly pension of an OFW comes from when they retire. Now, since most of the OFWs out there don't know anything about this fund, I felt the deserve to because after all, this is their money and no one deserves to use them but the OFWs themselves.
According to the official website of the Philippine government, "Because it is a provident fund, all amounts accumulated plus interest shall accrue solely to the SSS-OFW member." Application to the flexi fund program of the SSS is open to all OFWs in the respective SSS branches abroad or they may also e-mail application to International Affairs and Branch Expansion (IABE) office for those OFWs who can't find any SSS office in the country they work.
For those interested to know about this program, you can read more information regarding the SSS Flexi Fund here.
5 comments:
can you tell us how much the interest we earn in every month or per year.and how we should withdraw the flexi-fund?is it easy to withdraw if incase we need it?how should i know that my interest should be added to my flexi-fund capital?
can you tell me if it is a voluntary system cause there are lots of people here in our province that are being forced by the representatives of the agency to sign up for a membership ???
I'm ofw is it possible to pay my contribution thru online?
I am also OFW, before I hardly find solution on how to pay my loan and monthly contribution.
You can pay thru luckymoney, pnbrci.com, hsbc credit card. You can call luckymoney and pnb remittance center, just search online their contact numbers. I don't know where are you at right now. I am not sure if you have in your country.
That's all I know because I've been using it for a quite a while now.
I hope this helps.
itatanong ko lang sana kung kahit patay na angpensioner kailangan pa din bang magbayad ang patay kapag may remaining balance pa sa loan nila? kasi yung nanay ko hindi daw makakatanggap ng death claim sa father ko kasi may balance pa daw yung tatay ko sa loan nya samantalang ang loan lang naman ng tatay ko ay 15 tapos 3 yrs ang tatay ko na hindi nakatanggap ng pension nya. namatay nalang ang tatay ko na hindi nakatikim kahit konti sa pera nya na nasa SSS 16 yrs na nagcontribute ang tatay ko ni isang centavo wala siyang natanggap ngayon patay na siya ang nanay ko na naman ang hindi makakatanggap ng death claim atsaka pension kasi daw may balance pa yung tatay ko...ang tanong kahit patay sisingilin pa ba din? mabuti kung sa bangko ka makakautang atleast pag patay ka na wala ng babayaran ang pamilya mo samantalang sa inyo SSS pera pa naman namin nyan ang inutang namin tapos kahit patay na pababayarin pa din ba? sobra naman? please SSS give me an explaination about this matter so that I can understand....thank you
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