SSS flexi-fund program for OFWs

The Social Security System's flexi-fund program, a voluntary provident fund, is a new innovation for overseas Filipino workers’ financial security. The Flexi Fund is a new mechanism whereby an OFW can save more for the future by paying an amount aside from the regular monthly SSS premium. Entitlements from the fund are added on top of the regular membership benefits. The program is tax-free and members could avail of the fund as early as three years after membership date, or choose to leave the fund intact until members retire. Flexi-Fund allows OFW SSS members to prepare for the future by encouraging saving while they are employed overseas. Members of the program have the following options as to the utilization of the fund: * avail of the accumulated balance in the provident fund to meet their financial needs; * apply for early withdrawals to finance housing, education, or capital for business; * hold the fund until retirement age, which can be drawn in the form of monthly pension, or a lump sum payment or both. Because SSS- flexi is a provident fund, all amounts accumulated plus interest shall accrue solely to the OFW member. Membership in the fund is open to all OFWs who fall under the following categories: • recruited in the Philippines by a foreign-based employer for employment abroad; • having a source of income in a foreign country; or • residing permanently in a foreign country. To apply for the program, OFWs could contact SSS branches abroad. OFWs based in countries without existing SSS offices may submit applications via mail or email (sssemail@info.com.ph) addressed to the International Affairs and Branch Expansion (IABE) office. An OFW could pay his contribution to the provident fund anytime after the payment of the maximum required regular SSS membership monthly contribution has been made. Any amount paid in excess of the required maximum regular monthly contribution will be automatically applied to the fund. An OFW may continue paying the contribution to the fund even after the termination of his/her overseas employment, as long as the OFW continues to pay the required maximum contribution to the regular SSS program. Payments shall cease upon filing of a final claim under the regular SSS program. SSS Flexi-Fund Benefits Retirement A member who has reached 60 years of age is entitled to a retirement benefit. Death and disability Upon the death of a pensioner, the beneficiary shall receive a lump sum benefit equivalent to the cash value of the remaining pension. Early Withdrawal A member may withdraw his contributions to the fund including interest anytime. Foreign representative Offices ABU DHABI, UAE Embassy of the Philippines Villa No. 7, 11th Street Madinat Zayed, P.O. Box 3215 Abu Dhabi, United Arab Emirates Telefax No. (9712) 632-2630 Email: ssswilma@emirates.net.ae Contact person: Wilma M. Ortiz AL-KHOBAR KSA Arab National Bank Telemoney Center (near Shola Shopping Center) P.O. Box 37, Al-khobar 31952, KSA Tel. Nos. (9663) 894-2618; 894-5221 Fax No. (9663) 894-1546 Contact person: Francisco U. Uy BRUNEI, Darussalam Embassy of the Philippines No. 17, Simpang 126 Jalan Tutong, Bandar Seri Begawan Negara Brunei Darussalam 00673 P.O. Box 3025, BSB 1930 Tel. No. (673) 222-1240 Fax No. (673) 222-1173 Email: sssbru@brunet.bn Contact person: Roberto V. Roldan DOHA, Qatar Embassy of the Philippines 4070 Al-Wanda Street, West Bay Doha, State of Qatar P.O. Box 24900 Telefax No. (974) 487-8599 Email: sssdoha@qatar.net.qa Contact person: Marina Paulina G. Pante HONG KONG Philippine Consulate General 14/F United Centre 95 Queensway, Admiralty, Hong Kong Tel. No. (852) 2143-6394 Fax No. (852) 2377-9556 Email: aj_recio@hotmail.com Contact person: Alfredo Jose I. Recio, Jr. JEDDAH, KSA Philippine Consulate General Sarhan Al-Ajmawi Street Al-Faisaliyah, District 1 P.O. Box 4794 Jeddah, Kingdom of Saudi Arabia Tel. No. (9662) 642-2578 Fax No. (9662) 642-9825 Contact person: Bengie P. Hermoso KUALA LUMPUR, Malaysia Embassy of the Philippines #1 Changkat Kia Peng 50450 Kuala Lumpur, Malaysia Tel. Nos. (603) 2143-3361; 2145-9485 Fax No. (603) 2142-5299 Email: ssskl@pd.jaring.my Contact person: Irineo O. Estabillo KUWAIT Embassy of the Philippines Block 7, Street 103, Villa 503 Jabriya, State of Kuwait P.O. Box 26288, Safat 13123 Tel. Nos. (965) 532-9316 to 18; 532-0224 Fax No. (965) 532-9319 Email: ssskwt@qualitynet.net Contact person: Danilo Q. Calape MILAN, Italy Philippine Consulate General Via Santa Maria Segreta 6, 20123 Milan, Italy Telefax No. (3902) 860-248 Email: sssmilan@hotmail.com Contact person: Thelma V. Venturanza NEW SOUTH WALES, AUSTRALIA 170 Chapel Road Bankstown, NSW 220 Australia Tel. No. (612) 9709-6999 Fax No. (612) 9790-5788 Email: intax@idx.com.au Contact person: Emma De Vera RIYADH, KSA Arab National Bank, Telemoney Center Batha, Riyadh, KSA Tel. No. (9661) 402-9000 local 5052, ext. 16 Fax Ext: 17 Contact person: Abdawiya K. Navarro ROME, Italy Embassy of the Philippines Viale delle Medaglie D'Oro 112-114 00136 Rome, Italy Telefax No. (3906) 3972-1505 Email: sssrome@hotvoice.com Contact person: Deogracias B.V. Luminarias SAIPAN Philippine Consulate General Grd. Flr., Nauru Bldg., Susupe P.O. Box 731 CK Saipan MP 96950, CNMI, Saipan Tel. Nos. (1670) 235-3411; 235-7658 Fax No. (1670) 235-3412 Email: jagutierrez@saipan.com Contact person: Jeanina A. Gutierrez SAN FRANCISCO 34 San Pedro Road Daly City, California 94014-2528 Tel. No. (1650) 991-4SSS Fax No. (1650) 757-2014 Email: mllanes@juno.com Contact person: Manuel B. Llanes SINGAPORE Embassy of the Philippines 20 Nassim Road, Singapore Tel. No. (65) 6737-3977 Email: sss_singapore@hotmail.com Contact person: Roland R. Pagdanganan TAIPEI, Taiwan 4/F, Metrobank Bldg., 107 Chiung Hsiao East Road Sec. 4 Taipei, 10636 Taiwan Tel. No. (88622) 711-9603 Fax No. (88622) 711-9548 Email: ssstaipe@ms72.hinet.net Contact person: Genevieve F. Hizon Source: http://www.sss.gov.ph/news/anno031.htm.