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OFW Retirement Program
« on: September 01, 2018, 11:54:25 AM »
Member, Committee on Population & Family Relations
09177292437 | Facebook
Gov’t should ready the 400 thousand OFWs age 45 and above for retirement
Millions of OFWs will be reaching retirement age in the coming years in batches of hundreds of thousands. Chances are most of them have no social security coverage and have made little or no provisions for retirement and emergency health care.
According to the Philippine Statistics Authority, 17.4% of the 2.3 million OFWs worldwide are age 45 and above, meaning in a matter of more or less one decade they will retire.One decade is still enough time for the government to prepare for their retirement.

These retiring OFWs are those who are turning 56 or older and have been working overseas since 1987 or any of the years thereafter. In other words, the OFWs who were deployed when they were young in the 80s and 90s but will be reaching retirement age in the coming years.
I ask the Overseas Filipino Bank, Social Security System, PhilHealth, Overseas Workers Welfare Administration to devise a program that will give a reasonable modicum of basic and upgradeable retirement care to our retiring OFWs.
The program should cover both documented and undocumented OFWs.
I am certain these three institutions can put together a program that can be sustained by a combination ofdirect and indirect premiums.
Indirect premiums I suggest because considering future costs of health and retirement care, direct premium contributions may not be enough to make the OFW Retirement Care Program sustainable and viable.
The indirect premiums can come from percentages of taxes, proceeds from the sale of state assets, shares in administrative fee collections, which can incrementally build up the fund backing the retirement care program.
In cooperation, with the associations of licensed recruitment agencies, these institutions can devise ways to enroll as many OFWs as they can into the retirement care program.
For the OFWs who are more financially-able, I suggest to the private insurance firms, pre-need companies, and health maintenance organizations to create new products specifically-designed for retiring and returning OFWs. 
The retirement care program for senior OFWs should make it super easy for both undocumented and documented OFWs to deposit their premiums. Mobile apps and other financial technologies ought to be applied to make this happen and effortless. (END)

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