Planning to retire? Or perhaps, youre already retired and is looking for retirement benefits and plan. Well, its not yet too late to plan or look for opportunities as there are countless!
Some OFWs, although working for years in another country, would still want to spend their retirement years in their homeland, the Philippines. Though we expect that most of our OFWs well off, had enough savings and can live according to what they pictured. Sadly, most of our OFWs are still in the need of finding a new source of income upon returning home. While there may be some who wanted to rest within the comforts of their homes, some just dont want to spend their retirement years just relaxing and lying around.
As an OFW, you should know your rights, benefits, and programs that will benefit you in the near future. Our government is working and is trying its best to launch programs for the good of all OFWs. Hereunder are some of the things that might seek as opportunities for OFWs as they decide tothese retirement benefits and plan:
Under Sec. 54, In recognition of the contribution of long-time members to the OWWA Fund, the OWWA shall develop and implement a program for the grant of rebates or some form of financial assistance to OFWs who have been members of the OWWA for the last ten (10) years and who, along with their families, have not availed of any service or benefit from the OWWA. The provisions and the amount of rebates shall be based on the actuarial study commissioned by the OWWA for this purpose.
In the first six (6) months of 2017, there will be an Actuarial study and it will be submitted to the OWWA Board of Trustees to approve the rebate system.
Note: OFWs shall always keep records of OWWA membership payments, receipts or any documents to prove your membership to OWWA. This will serve as proof you are qualified for the rebate program.
Two Years OWWA Membership
If an employment contract has already been prematurely terminated, OFWs can still avail of his benefits from OWWA due to his 2-years membership for just $25 membership contribution. So even if you are not in abroad anymore and your contract has finished you are still a member of OWWA and can avail the benefits for two years. The membership can be renewed at the end of the two-year period.
Just present your hospital records to avail of this one-time financial assistance.
OWWA and DTI will offer up to 2 million loan for OFWs (LOAN for your Dream Business)
DTI (Department of Trade and Industry) has partnered with OWWA for an entrepreneurship program for the OFWs and especially those repatriated or brought home from the Middle East.
The Memorandum of Understanding (MOU) had been signed by both OWWA Administer Rebecca Calzado and DTI Undersecretary Zenaida Maglaya, under this the DTI and OWWA will conduct developmental training for OFWs and their families who would like to pursue entrepreneurial undertakings under Enhanced Entrepreneurial Development Training (EEDT).
Those OFW who has completed the EEDT may avail the loan amounting to 100,000 to 2 million pesos under OFW-Enterprise Development Loan Program.
These are just some retirement benefits and plan opportunities for the retired OFWs; Rebates, MedPlus, Loans. You can loan for a business amounting from 100,000 to 2,000,000 and this is a good opportunity offered by OWWA. These programs will actually help you in the long run and give you opportunities for your retirement.
For those OFWs who wants to avail of these programs, visit the nearest OWWA offices for more information.