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All you charge to apperceive about the ‘Flexi-Fund’ for across Filipino workers (OFWs) to body a backup egg or retirement armamentarium on top of your approved Social Aegis advantage

SSS Member Loan Application Form - DocShare
SSS Member Loan Application Form – DocShare | sss philippines retirement application form

You charge not pay for Flexi Armamentarium contributions abandoned from your approved anniversary SSS contributions.

Dubai: If you’re an across Filipino artisan (OFW) who wants to advance now in a about certain advance scheme, you’ve appear to the appropriate place.

We will allotment with you a cardinal of about certain bureau to alpha authoritative money on your money — through SSS Flexi-Fund, Pag-Ibig MP2 and Retail Treasury Bills. 

All of these are complete advance schemes. We’ll explain why we claimed they’re complete or “relatively risk-free” later. But aloof a quick one: these are all state-guaranteed. Meaning: presidents — or revolutions — can appear and go, but your money stays. 

This is a quick adviser on the Flexi Armamentarium (FF), based on some of the best frequently-asked questions.

But aloof to be clear: approved contributions to the SSS are appropriate afore an OFW is accustomed to acquire by accidental to this fund. 

Following are some of the basal questions and answers about the SSS (Social Aegis System) Flexi Fund.

Launched in 2001, SSS Flexi Armamentarium is SSS Provident Armamentarium formed into one.

As a provident-fund-cum-pension-scheme, it allows you to body up your backup egg for use aloft retirement, in emergencies or to supplement the allowances beneath the approved SSS program. 

As an OFW, it is best that you accord aboriginal to the approved SSS affairs afore jumping into the Flexi Armamentarium scheme. 

But already you assurance up, you do get appropriate anniversary antithesis as Flexi Armamentarium investor, in accession to approved assets — and in accession to your approved SSS associates benefits.

No. It is voluntary.

Yes. Whether you were recruited in the Philippines by a adopted employer, a abiding citizen in added countries, accession with a antecedent of assets in a adopted country, or an OFW who begin across appliance on your own (like those who went to accession country on tourist/visit visa), you’re acceptable to become an Flexi Armamentarium investor.

The key is to become an SSS affiliate first, or clean your membership, if you had aback abandoned it afterwards abrogation the Philippines. It is additionally attainable to self-employed Filipino migrants, abnormally if you’re cerebration of backward aback home.

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GSIS Application for Retirement Benefits – TeacherPH – sss philippines retirement application form | sss philippines retirement application form

You charge aboriginal become a best payer of SSS anniversary contributions (P1,760 per ages or Dh120.73). Any bulk aloft that in increments of P200 ($3.73, or Dh36.80) is automatically acquaint to your Flexi Armamentarium account.

There’s abandoned one cancellation for both. Allocution to your aing SSS-accredited remittance centre or Social Aegis administrator on acquittal details.

Yes. In fact, this armamentarium is advised accurately for all OFWs. Go to your aing SSS appointment or accepted remittance centre. 

To enroll, download the Flexi-Fund appliance form. 

Once enrolled, you can alpha advantageous your contributions to your Flexi Armamentarium or you can additionally pay it back remitting your SSS anniversary contributions. You charge not pay for Flexi Armamentarium contributions abandoned from your approved anniversary SSS contributions.

Any amount, not lower than P200 ($3.73), paid in antithesis of an OFW’s best anniversary accession to SSS amounting to P1,760 (Dh120.57 or $32.82) will automatically be acquaint to your Flexi Armamentarium anniversary and will alpha earning a minimum of 4 per cent per year.

This bureau that you accept to aboriginal pay the best anniversary accession of P1,760, apparent in red, below, to authorize as Flexi-Fund investor.

If you address Ph1,960 to SSS anniversary month, the added Php200 (excess of Php1,740 anniversary contribution) automatically goes to your FF account. 

If you address Php100,000, again Php98,240 goes to your Flexi-Fund account, and abandoned Php1,760 goes to your approved SSS anniversary contributions.

You charge be an OFW who is not over 60 years old.

Yes. But again you accept to administer aboriginal as a approved SSS affiliate and pay your anniversary contributions. The SSS Flexi Armamentarium is offered for all OFWs, whether or not they were associates of the SSS in the Philippines.

The armamentarium offers a cardinal of allowances to investors: (a) Tax-exempt and guaranteedearnings; (b) Computed based on boilerplate ante of SSS’ concise placements or 91-day Treasury Bills, whichever is higher; (c) accountable to anniversary re-pricing, appropriately absorption accepted bazaar altitude in the Philippines; and (d) antithesis are accustomed every month-end (compounded interest).

It stands for Anniversary Incentive Benefits. AIB offers added allowances to able associates (the college the investment, additionally accepted as “equity”, the college the AIB amount). It bureau that back you save or add funds to your Flexi Armamentarium account, the money will be invested on advance stocks, T-Bills or abbreviate appellation fixed-income instruments.

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And clashing added investments, the armamentarium is about risk-free, as antithesis are guaranteed. Antithesis are again distributed, based on shares to absolute disinterestedness of all able members.

Although Flexi Armamentarium was launched in 2001, the AIB programme was launched abandoned a few years ago — to animate OFW investors to advance and access retirement accumulation with SSS.

In short, associates with no abounding Flexi Armamentarium withdrawals and anniversary claims aural the applicative year are acceptable for AIB.  

Yes. You can abjure your funds anytime you appetite or back you charge them urgently. However, there is a pre- abortion fee if contributions backward on the armamentarium in beneath than one year.

Four per cent is the affirmed amount of return: or Php8 for every Php200 (Dh13.7) contribued.

This is aloof the minimum income. In addition, as mentioned above, it additionally offers an AIB component, which is set depending on the fund’s anniversary net income.

AIB is automatically acquaint to your account if you did not book abandonment claims/benefit for the year. 

The armamentarium is invested by able managers in stocks, bonds and Treasury bills. One anniversary of accepting full-time able armamentarium managers attractive afterwards you absorption is that they are paid to clue the markets carefully — with the best accoutrement at their auctioning every trading day — to optimise antithesis for you. They are additionally rated according to their achievement adjoin added armamentarium managers.

There are three bureau you can use your SSS Flexi Fund:

(a) Withdraw: you can abjure your funds anytime you appetite or back you charge them actively [a pre-termination fee applies if contributions backward on the armamentarium in beneath than one year].

(b) Anniversary Incentive Allowances (AIB): this may be declared depending on the fund’s anniversary net assets with automated announcement of AIB amounts to accounts of associates afterwards abounding abandonment claims/benefit for the year.

Our booty on AIB: This makes FF absolutely “flexible”, because AIB potentially makes Flexi-Fund at par with Unit Advance Trust Funds (UITFs), Mutual Funds (MFs) or added such co-mingled funds. But abandoned Flexi Armamentarium offers affirmed 4% earnings. UITFs of MFs don’t. This would beggarly that if you accept a Php1 actor Flexi Armamentarium account, you accept affirmed antithesis of Php40,000 per year (or Php400,000 if you invested Php10 million). Moreover, AIB could potentially augment this.

(c) Retirement, Disability and Afterlife benefits: this may be disbursed in anniversary pension, agglomeration sum or aggregate of both back the neede arises.

As of June 2016, added than 47,000 OFWs accept contributed to the Flexi-fund. In 2001, absolute members’ disinterestedness again was abandoned about Php532 actor ($9.9 million).

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Make Today Count: 11 – sss philippines retirement application form | sss philippines retirement application form

In 2014, there were 37,612 OFW investors who able for anniversary incentives allowances (AIBs). In 2015, the SSS has disbursed a absolute of P13.15 actor in anniversary incentives to added than 40,000 OFWs enrolled in its Flexi-fund Program.

As you can see, as this is a autonomous scheme, those numbers are a few drops in the brazier — there are an estimated 500,000 OFWs in the UAE alone, who remitted $2.54 billion in 2017 (and $32 billion or Dh120 billion globally). 

It bureau that the $9.9 actor absolute Flexi Armamentarium disinterestedness mentioned aloft accounted for beneath than one-half of 1 per cent of the absolute remittances of UAE-based Filipinos. It’s one abrupt affirmation that best of the OFW remittances go to consumption.

The Flexi Fund, or alike basal SSS membership, cannot be fabricated binding for OFWs as no law exists mandating it.

With abounding expat Filipinos now activation to the absoluteness of actuality aing the active “pension timebomb” affair — in which abounding OFWs will face the anticipation of paupery back they hit retirement age with no alimony — the admeasurement of members’ disinterestedness in FF or agnate schemes, can abandoned be accepted to grow.

We accept no abstracts yet from SSS on the Flexi Armamentarium members’ disinterestedness advance or any fasten in the cardinal of investors as of end-June 2018, but will allotment it as anon as it becomes available.

Flexi-fund and day-trading in stocks/forex are two radically altered advance schemes.

Flexi Armamentarium is managed and affirmed by the government, but stocks/forex are usually run by clandestine entities.

Flexi Armamentarium is advised as a abiding advance arrangement for OFWs to accomplish their banking security.

There are added platforms (online and through armamentarium administration firms) for day trading or concise stocks trading. We’ll altercate this in accession post.

Unlike added investments, Flexi Armamentarium antithesis are state-guaranteed.

Even in the case of mismanagement, or bad advance decisions, SSS as a state-owned bureau created by law (Social Aegis Act of 1954, adapted by Republic Act No. 8282 in 1997) is affirmed of connected actuality by the accompaniment (i.e. Filipino taxpayers).

SSS becoming Php146.17 billion in revenues as of September 2017, and appointed profits of Php11.91 billion.

The bureau has never gone belly-up or bare government bail-out back its founding in 1954 (it clearly started operations in 1957).

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A Primer and How-To Guide – sss philippines retirement application form | sss philippines retirement application form

First, the SSS Flexi Fund, now 17 years old, is run like a clandestine advance house, but with accompaniment guarntees — which is about like a certain agent for your abiding investments and retirement fund.

Second: It shows a state-run provident armamentarium can accompany out a lot of good. So far, it has accurate to be a abundant arrangement and a absolute abundance architect for members. 

Third: Philippine legislators could use the about two decades of SSS Flexi Fund’s run to get accuracy in crafting a law — or President Rodrigo Duterte/his almsman could assurance an Executive Adjustment — that would accomplish a agnate state-guaranteed binding civic Provident Accumulation Affairs (PSP) for Filipino expat workers. No such binding armamentarium exists for OFWs at the moment.

For all its abundant benefits, Flexi-Fund has inadequacies, too. For one, abandoned OFWs are accustomed to assurance up. This is a bit of a bummer. Why not attainable it additionally to millions of Filipino workingmen and women in the Philippines, too, alike for the self-employed crowd? 

Surely, they should additionally be accustomed the advantage of advance like OFWs do.

The 1954-era law that created SSS, as able-bodied as the consecutive amendment, accommodate no acknowledged base to accomplish associates in the Flexi-Fund mandatory.

In added words, if SSS makes it mandatory, that would be illegal.

OWWA membership, on the added hand, is binding for all OFws. But OWWA associates (who pay a $25 binding fee accoutrement one across assignment contract) abandoned get best allowances — like death, burial, repatriation — if they die too soon, or face disasters.

OWWA’s alleged “livelihood” loans action palliatives at best, or apocryphal hopes at worst, due to their bush amount (up to $400) that bright in a ages or less.

There’s no way about it. A affected accumulation arrangement bureau adage “no” to accidental costs today, in adjustment to say “yes” to all-important costs tomorrow. 

The mission of every OFW activity across for continued stretches of time is to acquire dollars. We already apperceive the story, though: Back an OFW earns $100, he and his admired ones additionally absorb $100 — if not more. 

When an OFW grows old or ailing and not abysmal in debt, he would be advantageous indeed.

However, any admirable country’s banking bloom for its alleged “modern-day heroes” cannot be artlessly put bottomward to luck.

Here’s the accord if – or back — a approaching PSP is fabricated mandatory: 

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SSS Member Loan Application | Identity Document | Amortization .. | sss philippines retirement application form

First: It would axis a “retirement timebomb”, area hundreds of bags of Pinoy expat workers ability old age and retire with nothing.

Second: The conception of the civic PSP — blooming conceivably afterwards the SSS Flexi Armamentarium or Singapore’s Central Provident Armamentarium (CPF) — is the aing big affair for any Filipino leader.

Why? It would acknowledgment the cry of bags of OFWs who are clumsy to say “no” to their admired ones’ every ambition (good life, abundant holidays, gadgets, etc.). 

Third, if the appropriate capacity are put in abode for this NPSP, we anticipate that the ability of SSS Flexi Armamentarium would, at the minimum, be assorted a thousand-fold.  

Fourth, as continued as any retirement arrangement for OFWs like the Flexi Armamentarium charcoal “voluntary”, tens of bags of OFWs will abatement through the cracks — and are abiding to face paupery back they are old and infirm.

Fifth, aqueous and investible abundance congenital by OFWs could potentially bout alike the admeasurement of SSS itself or Singapore’s CPF, which currently has 3.86 actor associates and a antithesis of $368 billion (savings accumulated in all members’ accounts).

Finally, it would actualize a affectionate of virtual sovereign abundance armamentarium (SWF) built by the blood, diaphoresis and tears of OFWs.

It could potentially challenge the abundance funds of countries like Norway and best Gulf nations. Those funds grew through years of complete administration of gain from their mineral (oil) wealth, or people’s accumulation in Singapore’s case.

The Philippines, admitting the country is awful mineralised (oil, gas, gold, silver, copper, nickel, etc), has no soverign abundance armamentarium of its own at the moment. There’s abandoned been talk, activity on for years, about creating one.

A civic provident extenuative program, pattered afterwards the SSS Flexi Fund, for expat Filipinos, offers a bright and present opportunity.

Building an SWF, managed professionally, is the most-open abstruse — and offers the key — to growing the abundance of nations; alike those that are mineral-poor, like Singapore. SWFs advance commercially, not politically. They chase the money.

For Filipino expats adverse paupery aloft retirement today, added than at any added time, the SSS Flexi Armamentarium acquaintance provides a template; it’s an attainable agent for creating a new affectionate of claimed — and civic abundance fund. 

Write, bulletin your Congressman or Senator to abutment the bill that will actualize an OFW Provident Accumulation Program or article agnate to a binding SSS Flexi Armamentarium for OFWs. 

(Story adapted as of August 3, 2018. For advice on specific cases, amuse acquaintance the SSS)

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