Social Security cover for Filipino expatriates soon
Under the scheme, displaced workers will get financial aid from Social Security System in the form of cash equivalent to half of their average monthly salary credit for two months
Times News Service
MUSCAT: An improved Philippines Social Security System (SSS) could soon make coverage mandatory for all Overseas Filipinos Workers (OFW), including the 46,802 who reside in the Sultanate.
Changes to the SSS, which come under the Senate Bill 1753, aim to expand the investing capacity of the pension fund, gradually increase monthly contributions from the current 11 per cent to 15 per cent by 2025, and make the coverage of OFWs mandatory.
In a statement shared with the Times of Oman, SSS President and Chief Executive Officer Emmanuel F. Dooc said, “Right now, despite the huge number of OFWs - some say there are some 10 million of them at present - we only cover some 550,000 of them. So this law will mandatorily cover all the OFWs to ensure their social security protection.”
“Under the proposed measure, displaced workers will get financial assistance from SSS in the form of cash equivalent to half of their average monthly salary credit for two months,” F. Dooc said.
Filipino Senator Richard Gordon also said, “The bill is an enhancement of the previous laws; it ensures hope that the people would not be a burden to the country, that they are partners of the government not by way of exaction of taxes but by their contribution so that their welfare is assured.”
“The passage of the bill would expand, protect and increase the SSS fund so that when the time comes, there would be available pension for the people. It will ensure a more meaningful social security protection to members and their beneficiaries against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden,” Gordan added.
The bill is currently awaiting the signature of the President of the Philippines Rodrigo Duterte, after being ratified by the nation’s House of Representatives and Senate. Filipinos in Oman have expressed their approval of the reformed SSS.
Terasita Cedro, a teacher working in Muscat, told the Times of Oman, “I firmly believe that the institution is quite beneficial to the OFWs like me. Initially, the SSS programme focused generally to all private employees. Though OFWs were not isolated by the programme nor were they enforced to the letter.”
“I, as someone who has spent almost one third of my life as an OFW, feel more protected and secure under the new law. With the new bill, the SSS fund will be fully expanded and protected; and ultimately will be viable to meet the monthly pensions of retiring members while simultaneously easing the fear of instability,” Cedro said.
Jay, an engineer, said, “I think it’s a great idea. While the monthly contributions will eventually grow, it’s only to 15 per cent. Also, the benefits will be better and we will be more secure. I hope Duterte signs it and begins enforcing it soon.”