Guide on SSS Contribution Rates 2024 for OFW Members of the Social Security System
SSS CONTRIBUTION RATES 2024 – Here are the premiums that overseas Filipino worker (OFW) members of the Social Security System must remit every month.
If you are an overseas Filipino worker (OFW), one of the best things that you can do while your body is still strong to work is to save up and prepare for the future. This does not mean saving money in your bank account alone. You may also maintain an active membership to social insurance institutions like the Social Security System or SSS.
The Social Security System is a state-run social insurance institution which is serving the Filipino people for decades now. It has several loans and benefit offers for members who have updated accounts. Most of these offers attend to many of the most financially-challenging situations.
To maintain an active and updated account, you must remit your premium monthly based on the SSS contribution rates set for your category under the current year — year 2024 in today’s case. It is a wise move to check from time to time the changes on the rates.
Here is a guide on the SSS contribution rates 2024 for land-based overseas Filipino workers (OFWs) who are members of the state-run social insurance agency:
SSS Salary Loan
The Salary Loan offer of the Social Security System is a multi-purpose cash loan offer that is open for members who:
- have posted at least 36 monthly contributions in the SSS account
- have an updated account with regards to the payment of the monthly contributions
- 65 years old and below at the time of the loan application
- are currently employed, self-employed, or voluntary member of the SSS
- has not received any final benefit from the SSS
- has not been disqualified due to fraud committed against the SSS
To apply for the loan offer, you must prepare and submit the documentary requirements for SSS Cash Loan 2024 application to a branch of the SSS nearest to you.
SSS Housing Loan
The Social Security System offers a unique housing loan offer. The loan was specifically crafted to help financially-assist the major and minor house repair and home improvement projects of members. Here are the qualifications for application:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
In applying for the loan offer, you need to submit the SSS Housing Loan requirements to a branch of the Social Security System nearest to you.
SSS Calamity Loan
The SSS members may also apply for the Calamity Loan when a natural disaster has left their place in a state of calamity. Here are the eligibility requirements set under the loan offer:
- esident of an area declared under a State of Calamity
- with at least 36 monthly contributions posted to SSS, six (6) of which posted within the last 12 months before the month of the application for SSS Calamity Loan
- If self-employed, voluntary, or land-based overseas Filipino worker (OFW), member must have posted at least six (6) monthly contributions under the current coverage/membership type before the month of the application for SSS Calamity Loan
- has not availed final benefits from the SSS
- has no outstanding balance in the SSS Loan Restructuring Program (LRP) or CLAP
In applying for the Calamity Loan offer, prepare and submit the SSS Calamity Loan requirements at a branch of the Social Security System nearest to you.
The Social Security System also has benefit offers for the members. Here is a list of the SSS benefit offers hat a member may be qualified to avail:
- SSS Unemployment Benefit
- SSS Sickness Benefit
- SSS Disability Benefit
- SSS Maternity Benefit
- SSS Retirement Benefit
- SSS Death Benefit