Short-term member loan restructuring and penalty remission program is back
When contingencies and emergencies arise, it’s always good to have some extra cash to help you out. Of course, there are times when what you have is not enough and you need to raise additional funds to meet some important financial obligations. This is the time when SSS loans come in handy.
SSS, as a pension fund institution, is known not only for its employee benefit programs, but also for its various short-term member loans that people can avail of in the event of a financial emergency or after a financial crisis. unforeseen calamity. SSS offers loan privileges such as Salary Loan, which is equivalent to a one or two month payday loan based on the last 12 month salary credit posted by the member, and Calamity Loan, a loan aid for SSS members who have been affected by typhoons and other calamities and are living in disaster areas declared by the National Council for Disaster Risk Reduction and Management (NDRRMC).
The past two years have been very difficult and now that the restrictions related to the pandemic have eased, businesses have started to open up and people are trying to get back on their feet, we are sure more people would like to regain their status. with SSS from here to settle their outstanding short-term loans.
For those who have not paid their salary loan, disaster loan, salary loan early renewal program (SLERP), emergency loan and restructured loans under the loan restructuring program (LRP) implemented in 2016-2019 due to unforeseen circumstances, we have great news for you! As part of our Pandemic Relief and Restructuring Program (PRRP), we are currently offering the Short-Term Loan Restructuring and Penalty Tolerance Program from November 15, 2021 to February 14, 2022, where our members can pay. said loans without penalty.
Are eligible under this program:
1. All member borrowers with loans in arrears for at least six months from the first day of the surety period.
2. Members-borrowers who:
- Be under 65 years of age at the end of the payment term (for installment payment);
- not to have received any definitive benefit, that is to say permanent total disability or retirement; and
- Not to have been disqualified for fraud committed against the SSS.
3. Members-borrowers who will submit their application for final benefits for permanent total disability or retirement, whose contingency date is no later than the last day of the period of availability of the condolence program whose request must be submitted in the period of availability.
4. The heirs or beneficiaries of deceased members who will submit the application for the death benefit, whose contingency date is no later than the last day of the period of availability of the condolence program.
Under this program, the total amount of principal and interest outstanding on the member’s overdue loans will be consolidated and settled according to the following payment terms:
- Single Payment: Full payment of the Consolidated Loan, in a single payment transaction, within 30 calendar days of receipt of the Notice of Approval of the Penalty Waiver Request. No installment / partial payment is allowed even if the required payment is made within the prescribed period of 30 days.
- Down Payment: Full payment of 50% of the Consolidated Loan, in a single payment transaction, within 30 calendar days of receipt of the notice of approval of the request to cancel the penalty. No installment / partial payment will be allowed even if the required payment is made within the prescribed period of 30 days. The remaining 50 percent will become a Restructured Loan (RL 1) and will be paid in six equal monthly installments from the month following the end of the 30 calendar day period. Late payments are subject to a penalty.
However, it is important to note that under the installment payment period, the borrowing member must be under the age of 65 at the end of the payment period, otherwise the borrowing member will only be eligible. under the single payment period. Members-borrowers and heirs or successors deduction of the proceeds of the last request for benefits. A payment reference number will be issued with the amount and due date for each payment required.
Receipt of the notice ”will be considered as the date on which the electronic notice was sent to the applicant’s e-mail address.
It is important to note that all member borrowers must apply for the Penalty Forgiveness Program through the SSS website by accessing their My. SSS Account, except for death, disability and retirement benefit claimants who are self-employed, with dependents, minors, racehorse jockeys and incapacitated retirees for the representative beneficiary who can only submit requests through over-the-counter (OTC).
Now that the program is currently in place, I urge our member borrowers to take advantage of this offer as part of our assistance to them during the pandemic. With the waiver of your loan penalties, it’s now easier for you to pay off your overdue loans on flexible payment terms. Unlike our previous condolence program where there was a six month retention period from full loan payment, under this program members can easily regain their reputation and request a loan renewal after full payment is made. of the loan.
Have a productive week ahead!
For more information about this program, you can browse our official website www.sss.gov.ph and official social media accounts: Philippine Social Security System on FB, @PHLSSS on Twitter, Philippine Social Security System on Youtube or join our Viber community at MYSSSPH.
Aurora C. Ignacio is President and CEO of SSS.
We welcome your questions and ideas on the topics we are discussing. E-mail firstname.lastname@example.org for topics you might want us to discuss.