FEW weeks before the opening of the Second Regular Session, KABAYAN Representative Ron Salo, the chairman of the House of Representatives Committee on Overseas Workers Affairs, filed House Bill No. 8574 or the Kabayan OFW Pension Act. The bill seeks to establish a pension and social security system exclusively for the OFWs.
“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 remarked.
“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 added.
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 acknowledge 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.
“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,” Salo added.
“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 further added.
“Providing retirement benefits and pension to our OFWs is one of the most tangible means of showing our genuine gratitude for their sacrifices working in foreign shores,” Salo concluded.
