Have you heard about the cash-back or rebate offered by the Overseas Workers Welfare Administration or OWWA to its members? This OWWA benefits can be good news for all OWWA members as they can have the chance to use the rebates for some other expenses. The rebate will be released this year, but not all members are qualified to receive cash-back.
As stated in the OWWA Act or the Republic Act No.10801, members who are qualified to receive cash-back are those who have been a member for not less than 10 years. However, the member or the beneficiary must not have been granted a rebate or other form of financial assistance, benefits, or any service.
To know more you may read this : What is OWWA and their Benefits
An actuarial study will be conducted to determine the amount of the rebate and it started on the first two quarters of 2017. The actuarial study will be submitted to the OWWA Board of Trustees for them to decide about the “rebate system”. The amount will also depend on the availability of fund.
Hans Leo Cacdac said that they target to finish the actuarial study until the first quarter of 2018. The computation of the rebate is crucial to ensure that qualified members will receive the appropriate amount of cash-back according to the availability of fund.
OWWA members might be wondering why it takes so long to release the rebate. It’s because OWWA wants to ensure that they will be able to provide the right amount and at the same time ensures that they have enough fund.
To avoid possible mistakes, OWWA has hired an actuarial expert to study the sustainability and mechanism of the rebate program. They will also track down the old members and the mode of payment used. They’re looking for the possibility that some members have been living in other places.