Pension, social security exclusive to OFWs sought
A party-list solon has filed a measure that seeks to establish a pension and social security system exclusively for the Overseas Filipino Workers (OFWs).
Kabayan Representative Ron Salo, chairman of the House Committee on Overseas Workers Affairs, said that with thousands of Filipinos working abroad, it has become apparent that the establishment of a unique pension system for OFWs is one of their most enduring and urgent aspirations.
House Bill 8574 or the Kabayan OFW Pension Act was filed in consultations with OFWs in different parts of the world.
“After years of toiling in foreign lands and diligently sending their hard-earned money to their loved ones in the Philippines, they find themselves without adequate social protection in the twilight of their years,” 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.
“It is imperative to establish a separate and dedicated social security and pension system specifically tailored to the needs of our OFWs. 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,” Salo stated.
