Once the SSS Senate Bill 1753 is signed by President Rodrigo Duterte, Overseas Filipino Workers will enjoy some amazing benefits from the coverage. The author and sponsor for the bill is Senator Richard Gordon. He said that the mandatory SSS social security coverage will benefit more OFWs. This is applicable to land and sea OFWs. Currently, there are already 500,000 OFWs who benefit from SSS. Now, there will be another 2.5 million who will benefit from the bill. SSS is expected to generate PHP16B a year when these OFWs pay their premiums according to Emmanuel Dooc, SSS President.
According to Gordon, the collection is set to add to the fund life of SSS and will be a way to provide more insurance for terminated employees who are SSS members. Another provision of the bill is that the contribution of SSS members will increase by 1% starting 2019 and will reach up to 15% by year 2025. The monthly contributions of SSS members and salary credit which allows contribution increase will be established by the SSS commission. Minimum and maximum salary credit of members will be adjusted meaning the usual salary credit and contribution of Php16,000 which has limited benefits will increase.
The increase will be used by the agency in investing the reserve funds which will benefit everyone. Gordon asks that SS be given a chance to do its function as a government agency aiming to help members get the most out of their contributions. The Social Security Law passed and being implemented 21 years ago is invalidated through this new Senate Bill 1753. The Senate Bill 1753 will benefit many OFWs who are working hard to support their families. How about you? Do you think this bill will truly benefit OFWs?