SSS lets OFWs pay remittances yearly

The Social Security System has liberalized the payment scheme for overseas Filipino workers, allowing them to pay their contributions annually in addition to the existing monthly and quarterly payment schedules, a top official said.

In a press release, SSS President and Chief Executive Officer Corazon de la Paz said the new payment schedule is in response to clamor of OFWs for more time to pay their contributions due to the limited payment centers available abroad.

"The extension of the payment schedule gives OFWs more time to pay their contributions because there are few payment centers available to them," De la Paz said.

Under the new guidelines, the deadline of contributions for the months of January to September will be on December 31 of the same year while contributions for October to December will be on or before January 31 of the succeeding year.

At present, the deadline of payment for members is on the 10th day of the succeeding month but self-employed and voluntary members have the option to pay quarterly.

The SSS has 700,000 OFW members working in various countries all over the world. About 16,000 are enrolled in the SSS Flexi-fund program, a tax-exempt savings and pension plan, which is on top of the regular social security program offered by the SSS.

De la Paz said in case of advanced payments, only contributions applicable to the months prior to the member's contingency shall be considered in the computation of the benefit.

She said contributions paid retroactively shall not be used in the computation of any benefit for a contingency that occurred before the date of payment of the retroactive contributions. - Ferliza C. Contratista