Pension exclusive to OFWs sought
A measure that seeks to establish a pension and social security system exclusively for overseas Filipino workers (OFWs) has been filed in the House of Representatives.
Initiated by Kabayan Representative Ron Salo, House Bill 8574 or the Kabayan OFW Pension Act, aimed at providing protection to the OFWs and help them save for the future.
According to Salo, chairman of the House Committee on Overseas Workers Affairs, it has been observed that after years of toiling in foreign lands and diligently sending their hard-earned money to their loved ones in the Philippines, OFWs find themselves without adequate social protection in the twilight of their years.
“In our consultations with OFWs in different parts of the world, it has become apparent that the establishment of a unique pension system for OFWs is one of their most enduring and urgent aspirations,” Salo said.
Currently, the Social Security System allows OFWs to become voluntary members through specific schemes. However, this approach does not fully resonate with the OFW community.
“The clamor of our OFWs is for a specific and distinct social security system designed for them that acknowledges the unique circumstances and vulnerabilities they face as migrant workers.” Salo noted.
In the proposed bill, the system is mandated to craft guidelines for the OFW’s retirement benefits, monthly pension, death benefits , permanent disability benefits, and funeral benefits. It is also empowered to provide other benefits to OFWs for as long as financially viable.
This system would provide comprehensive social protection, ensuring their overall well-being and offer financial support in the event of job loss, disability, or death, providing a safety net for our OFWs and their families during challenging times.
Likewise, the system would establish a retirement fund, enabling OFWs to secure social and financial protection in their old age, granting them the dignity and peace of mind they deserve.
“Our OFWs are vital contributors to our development and fabric as a nation through their hard work, remittances, and sacrifices. It is the State’s duty to provide them a humane and adequate social protection when they choose to finally retire after facing unique challenges and vulnerabilities while working abroad. This is our OFW’s aspirations that we will collectively achieve,” Salo added.
