SSS Flexi Fund Program is offered exclusively for Overseas Filipino workers who want to invest money through SSS payment. This program is unique because said OFWs could invest anytime they want on SSS of amount not lower than 200 pesos to said funds. Anytime means the OFWs could deposit monthly, quarterly or annually, or anytime they want that is why it’s called flexi. Amounts deposited to SSS of more than 200 pesos is treated as flexi fund payment from the OFW concerned.
Moreover, these funds are treated as very safe investment because the money received from this fund will be put into the Treasury bills of the government. Treasury bills or T-bills are found to be safe because of the likelihood of the government to stay for a very long time, understandably operating in its normal function whatever the situation of the country may be. In other words, the securities of the government through T-bills are more stable than others.
Here are some helpful tips on processing Flexi Fund payments:
1. The OFW can manifest payment of the Flexi Fund if he is qualified to do so. This means that said OFW has been recruited by a foreign based employer in another country for work abroad, has an income there or if not, residing permanently there.
2. All the OFW need to do is to fill up the available Flexi Fund Enrollment Form given by the SSS office or can even be downloaded online.
3. The next step is for the OFW to submit the form to the any SSS Foreign Representative Office near them where they are working or residing. However, when they are in the Philippines and applying Flexi Fund in the Philippines, they can also submit it to any SSS Office bringing their Overseas Employment Certificate or E-receipt issued by POEA for pending deployment. This will serve as a proof that they have been working abroad.
4. In case of emergency or contingency cases, the OFW can withdraw the funds anytime. However, those who are new in the Flexi Fund for less than a year will be asked to pay pre-termination fee.
5. Annual Incentive Benefits may be declared for the year. Since the nature of these fund is a form of investment, the OFW member will receive additional benefits other than the regular SSS benefits. The benefit would even tantamount to a monthly compounded interest benefit.
6. There is no need to pay taxes on this fund because this is tax exempt and guaranteed by SSS. So the investment is treated as nontaxable under the Philippine government.
If you are an OFW, it is very safe and sound to avail of this SSS Flexi Fund especially made and offered for you. This will allow you to enjoy an investment that is less risky and ensure that you will not lose your hard-earned money away from your family. You can also be assured that you are safe and secure enough because you can withdraw your money anytime you want. There is a good return on investment with this type of venture.