Money

SSS to start collecting OFW contributions by June

SSS hires fund managers for P7B worth of investible funds

The pension fund will be P13 billion richer.

The pension fund will be P13 billion richer.

The Social Security System (SSS) will start imposing the mandatory contributions for overseas Filipino workers (OFWs) by June, which should help expand its fund base while broadening coverage to these migrant workers.

The SSS said they are projecting P13 billion in additional contributions from OFWs during the first two years, higher than the P6.35 billion collected from OFW volunteer members.

“In a span of two years, we’re looking at possible four million possible OFWs who will be mandatory covered by the SSS,” SSS Senior Vice-President and Head of International Operations Division Joy Villacorta said.

This is a new provision under the newly-signed Social Security Act of 2018.

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