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Flexi Fund is a voluntary savings program offered by SSS. [24] Launched in 2001, it is a provident fund that is invested in fixed income securities and whose returns are determined by SSS' short-term placements or 91-day Treasury bills. [25] [26] It is open to overseas Filipino workers (OFW) who are not older than 60 years old. [27]
It protects the interests of Overseas Filipino Workers and their families, providing social security, cultural services and help with employment, remittances and legal matters. [ 3 ] : 99 It is funded by an obligatory annual contribution from overseas workers and their employers.
Here's a table summarizing the contribution limits: 401(k) Plan Limits. 2025. 2024. Maximum elective deferral for employees. $23,500. $23,000. Total contribution limit for employer and employee.
Aside from countries experiencing problems with peace and order, the Philippine government can also restrict deployment of Filipino workers to countries determined by the Philippine Department of Foreign Affairs to be non-compliant to the Republic Act 10022 also known as Amended Migrant Workers Act.
Three significant 401(k) plan changes coming in 2025 are worth paying attention to, ... Suppose the 2024 contribution limit remains at $7,500 for 2025; you can “catch up” up to $11,250 in 2025
President Duterte signing Republic Act No. 11641 or the Act Creating the Department of Migrant Workers (DMW) on December 30, 2021. On July 12, 2019, during the Araw ng Pasasalamat for OFWs (Thanksgiving day for the Overseas Filipino Workers), President Duterte in a speech promised to finish the framework for the creation of a department that caters to the need of OFWs.
In 2025, the catch-up contribution limit for 401(k)s is $7,500, unchanged from 2024. So if you're 50 or older by the end of 2025, you can put up to $31,000 into your 401(k). IRA limits for 2025
A Change.org petition was made by a group of overseas Filipino workers (OFWs) to scrap the agency's directive to increase the mandatory contribution collection to 3%. [15] The petition refers to PhilHealth Circular 2020-0014, [16] dated April 2, 2020, in which the current OFW salaries are affected especially in the ongoing pandemic. [15]