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SSS Flexi-Fund for OFWs: Application Requirements and More

March 5, 2013 in Immigration, Travel Abroad

Before going abroad as an OFW, it should be one of your main priorities to secure you and your family’s future. One of the most structured ways to save is to enroll in the SSS Flexi-Fund program.

So what is it anyway?
The SSS Flexi-Fund is a voluntary, provident fund for OFWs. Aside from the regular OFW membership, OFWs can avail of this service.

REASON FOR JOINING
You may ask “Bakit pa ako sasali sa Flexi-fund eh voluntary member naman na ako? Hindi pa ba sapat ‘yon?”
The answer actually depends on you. This service provides you the opportunity to set aside a portion of their income. This also allows the OOFW to maximize the returns on their Flexi-Fund contributions. In other words, it is

another flexible way to save.

WHO MAY ENROLL
OFWs recruited in the Philippines by foreign-based employers for work abroad;
OFWs that have a source of income in a foreign country
OFWs who are permanent residents in a foreign country

BENEFITS
Additional income from Flexi-Fund savings account, apart from the benefits under OFW’s regular SSS coverage
For retirees: You can choose between a lump sum or a monthly pension; or both
Beneficiaries of a pensioner who died will be given a lump sum amount equivalent to the cash value of the remaining pension.

REGULAR BENEFITS
These are the standard benefits of the SSS OFW Coverage Program:
Sickness allowance amounting to up to P54000
Maternity benefit = up to P39000 (maximum: 4 deliveries/miscarriages)
Funeral benefit = P20000
Retirement/disability/death monthly pension = up to P2400 per month
Salary loan = up to P24000
Housing loan = up to P2 million
House repair and improvement loan = up to P1 million

WITHDRAWAL
You may withdraw your contributions with interest, especially during times of need. You can choose between a full or partial lump sum method.
In case you want to prematurely terminate your membership, you will be charged with the following corresponding fees

Flexi-fund withdrawal fees - OFWWatch.com
HOW TO APPLY
You can enroll in the Flexi-fund service by signing up at any SSS foreign representative office, usually located inside the Philippine consulate of your host city/country.
You can also download SS Form OW-1.

REQUIREMENTS
1. Submit the SS Form OW-1 in copies along with the original or the certified true copy and photocopy of the following:
Primary Documents:
- Birth Certificate
- Baptismal Certificate
- Passport
In the absence of the above documents, submit any two (2) copy of the following:
Record of Employment/Employer ID
GSIS Member’s Record
Certificate from National Archives
Alien Certificate of Registration
School/Voter’s Identification Card
Driver’s License
Joint Affidavit

Other Required Documents:
For reported spouse – Marriage Contract
For reported child:
If legitimate: Birth or Baptismal Certificate
If illegitimate: Birth or baptismal certificate or;
School Record or
Insurance Policy or
Statement before a court
If legally adopted: Decree of Adoption
If incapacitated: Medical Certificate

Download the SSS Flexi-Fund for Overseas Filipino Workers Withdrawal Form HERE.

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