Currently, the number of OFW’s with SSS coverage is at around 500,000. Bill 1753 aims to expand this number up to 2,500,000. And once signed into the law, the SSS will cover land and sea-based ofw’s under the age of 60, says it’s author and sponsor Sen. Richard Gordon.
AN ACT RATIONALIZING AND EXPANDING THE POWERS AND DUTIES OF THE SOCIAL SECURITY COMMISSION TO ENSURE THE LONG-TERM VIABILITY OF THE SOCIAL SECURITY SYSTEM, FURTHER AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 1161, AS AMENDED BY REPUBLIC ACT NO. 8282, OTHERWISE KNOWN AS THE SOCIAL SECURITY ACT OF 1997
In passing this law, the SSS will be able to invest it’s reserve funds to grow its wealth and provide a higher income. Another main provision of the bill seeks to increase the contribution of members by around a percentage point every other year starting 2019 until it reaches 15 percent by 2025. A landmark bill, this will enable the SSS to reach it’s goal of universal coverage
A third reading copy can be read from this link
“It is our constitutional duty to afford full protection to labor, whether local or overseas, and fundamental to this is the provision of social security protection to all Filipinos, including OFWs. It is likewise provided in the Universal Declaration of Human Rights that everyone has the right to social security,” Gordon said.
OFWs enjoy a wide range of benefits, by paying their SSS. This includes a basic monthly pension of 6,400 php, 13th month pension, dependent’s pension, supplementary monthly allowance of 500php for disability pensioners, and also even a house loan for up to 2 million php and etc.
