How to Continue the SSS Contribution for OFW in Singapore?
Back when I was working in the Philippines, a portion of my salary is deducted from my paycheck every month. This portion is for my Social Security System (SSS) contribution as what it's known by every worker.
This is the standard procedure for all employers aside from deducting us for the PhilHealth and Pagibig Funds.
What is the purpose of SSS in Philippines?
SSS is a social insurance program that was designed by the Philippine government on 1957 to provide a retirement and health benefits to the Filipino private sector employees who are enrolled in the system. The membership is mandatory and the employer also pays part of the contribution.
A member of the program can avail a loan to SSS as a salary or calamity loan with low interest rates.
For more information, you can go to this link. Philippine SSS.
What about SSS for OFWs in Singapore?
My SSS contribution ceased when I started working here in Singapore. I wasn't aware about it until my flatmate told me that I can still continue my contribution as an Overseas Foreign Worker (OFW).
Aside from the health and loan
benefits. what I like most from SSS is its retirement benefit program. This will be helpful for me if ever I go back to the Philippines and stay there for good. As I reach the retirement age, SSS will provide me these benefits and soon be independent from my children at that time.
The pension is quite small but it can be of great help for an oldie like me. This will provide me money to buy my basic needs and a bit help for my medicines.
As an OFW, still strong to do the tough jobs and gains salary in return, is a great opportunity to plan for the future. We all know that we are now in the Active Income state and should be building our Passive Income as soon as possible before we are soon be incapable of doing these tough jobs.
OFW's SSS Payments can be continued as a Voluntary Member and can choose an affordable monthly contribution. Just remember that the more amount you pay your SSS now will have a great impact on your Retirement Pension amount.
The maximum voluntary amount that an OFW can contribute is at P1,760 (more or less S$50.00 ). See the table below: