Flexi Fund by Definition of the SSS
According to a press release by the Social Security Service (SSS), the FLEXI FUND is - "A Voluntary Provident Fund for Overseas Filipino Workers. The program is a voluntary provident fund that provides a mechanism for the OFW to save more for the future, complementing the benefits under the regular SSS programs. This means the program is open only to OFWs abroad and is added on top of existing SSS-OFW membership benefits. "
This program is TAX-FREE and an OFW member is open to avail of the fund with a minimum of 3 years after the commencement date. Members also have the option to leave the fund be until they want to use it upon retiring. So this leaves them 2 options which I have mentioned above.
The flexi fund is actually a part of the OFW's income while working abroad under some mechanism provided by overseas employment. Remember that this is totally tax-free which means that should the OFW decide to take it from the SSS, they should receive the said fund in full amount with no tax at all.
The flexi fund is actually where the monthly pension of an OFW comes from when they retire. Now, since most of the OFWs out there don't know anything about this fund, I felt the deserve to because after all, this is their money and no one deserves to use them but the OFWs themselves.
According to the official website of the Philippine government, "Because it is a provident fund, all amounts accumulated plus interest shall accrue solely to the SSS-OFW member." Application to the flexi fund program of the SSS is open to all OFWs in the respective SSS branches abroad or they may also e-mail application toInternational Affairs and Branch Expansion (IABE) office for those OFWs who can't find any SSS office in the country they work.
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