The Social Security System (SSS) and the Department of Migrant Workers (DMW) inked an enhanced cooperation deal to ensure the social security protection of Overseas Filipino Workers (OFWs) worldwide.
SSS President and Chief Executive Officer Rolando Ledesma Macasaet (2nd from left) and DMW Secretary Hans Leo J. Cacdac (3rd from left) on August 27 signed a Memorandum of Understanding (MOU) to promote the benefits of SSS membership to OFWs. Other signatories to the MOU are (from left to right) SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas and DMW Assistant Secretary for Reintegration Venecio V. Legaspi.
Macasaet said that the partnerships aim to educate OFWs, both those preparing for deployment and those reintegrating into society, about SSS membership and its benefits.
Macasaet said that SSS and DMW agreed to conduct information and awareness campaigns to urge OFWs to get social security coverage from SSS.
“There are 10 million OFWs and other overseas Filipinos worldwide, but only 1.8 million are SSS members. We hope that our partnership with the DMW will extend social security protection to more OFWs,” Macasaet said
He said that as contributing members, they will have access to a comprehensive set of benefits, such as sickness, maternity, disability, unemployment, retirement, funeral, and death benefits.
He added that they can also take advantage of various SSS loan programs, such as salary and calamity, and avail of the Pension Loan Program once they have become retirement pensioners.
Every OFW should have a pension
Macasaet urged OFWs to become SSS members and aim to pay at least 120 monthly contributions to ensure they qualify for a lifetime pension from the SSS.
“Many Filipinos working abroad prefer to retire here in the Philippines after spending a significant portion of their productive years overseas. Unfortunately, when they return home, they may not be eligible for a monthly pension because they overlooked their SSS contributions,” Macasaet said.
Cacdac said that OFWs do not retire at 65 years old, adding, “They come home a lot earlier than the optional or mandatory retirement age.”
“We need to start building the future already for OFWs who are currently there —the 2-million-marker as I like to call them. So, they will have a nest egg so to speak, when they retire,” Cacdac explained.
Cacdac added that DMW will start working with SSS not to create a separate pension fund for OFWs but to build on what the SSS already has.
Eyeing more SSS foreign offices
Macasaet wanted to open additional SSS foreign representative offices to encourage more OFWs to join the SSS.
“Can you imagine, we do not have SSS offices in Japan. It would be beneficial to have offices in Tokyo and possibly in southern Japan, such as Fukuoka, Nagoya, or Osaka. Similarly, we lack offices in Korea, so opening locations in Seoul, Busan, or Jeju Island could also be considered,” Macasaet noted.
Macasaet aims to double the current number of SSS foreign representative offices and seeks the assistance of DMW in potentially establishing SSS offices in countries or territories where DMW has Migrant Workers Offices.