The SSS Flexi Fund Program for OFW which started in 2001 is a type of investment program offered by SSS agency to Overseas Filipino Workers to encourage OFW members of Social Security System to put their hard earned money into interest generating investments by way of fixed income government securities. The said investment program’s main focus is to provide long term financial security to OFW members by giving them an option to supplement their OFW retirement benefits under the OFW pension program. At present, there are more than 47,000 OFWs who are members of the said investment program have received their annual incentive benefits amounting to more than 13 million pesos. The annual incentive benefit is based on the year end net investment income and is calculated for each Flexi Fund member based on their equity share. So if you are remitting bigger amounts to your Flexi Fund savings, you will receive higher amount of annual incentive benefit. Each member’s Flexi Fund savings can be withdrawn in case of emergencies or converted into a retirement pension plan. The AIB or Annual Incentive Benefit was launched in 2012 to encourage OFWs to maintain and increase their retirement savings with SSS.
How to become a Flexi Fund Member
To become a Flexi Fund member, an OFW must enroll in the Flexi Fund program by filling up the Flexi Fund Enrollment Form and submit it to your nearest SSS office branch or at any SSS foreign representative office in your location. But before proceeding to any SSS office for your Flexi Fund application, be sure to bring with you the following documents:
- UMID/SS I.D. card or valid Passport for proper identification
- Original and Photocopy of valid Overseas Employment Certificate or OEC or E-Receipt issued by POEA office as proof of pending deployment
- Validated proof of SSS contribution payment if latest maximum contribution is not yet posted
Flexi Fund Membership
Flexi Fund Membership is open to all OFW who are enrolled in the program and are paying or willing to pay the maximum contribution under the regular program and must be:
- Recruited in the Philippines by a foreign based employer for work abroad
- With source of income in a foreign country; or residing permanently abroad
Membership in the program will start after payment of your first Flexi-fund
contribution and you may continue paying your Flexi Fund contribution even after finishing your employment contract abroad under the condition that you will continue to pay the monthly required maximum contribution. Under the the regular SSS program, payment of your contribution will only stop after you have filed a final claim.