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SSS to waive penalties on short-term loans

from November 18, 2021 01:00 am to November 18, 2021 01:00 am

 https://newsinfo.inquirer.net/1516524/sss-to-waive-penalties-on-short-term-loans

MANILA, Philippines — The state-run pension fund Social Security System (SSS) has started accepting applications online from members who want their unpaid loans condoned without any penalties.

The short-term member loan penalty condonation program that began on Nov. 15 will accept applications until Feb. 14, 2022, through member-borrowers’ My.SSS accounts.

 

“Our heart goes [out] to our members who were greatly affected during this pandemic and yet [are trying] their best to get back on their feet. The SSS is always here to extend not only … cash benefits and loan privileges but also conditional condonation which provides financial relief by waiving their accumulated penalties once their loan principal and interest are fully paid,” SSS president and chief executive Aurora Cruz Ignacio said in a statement.

 

The program will cover outstanding calamity, emergency and salary loans; borrowings under the salary loan early renewal program; and restructured loans under the loan restructuring program implemented from 2016 to 2019.

 

 

Specific qualifications among member-applicants as listed under Circular No. 2021-14 can be found on the SSS website.

 

The SSS said that the short-term member loan penalty condonation program would consolidate the total amount of borrowers’ outstanding principal and interest accumulated from past due loans. Settlement can be done either through a one-time full payment or installments.

 

 

“No staggered/partial payment shall be allowed for the consolidated loan under one-time payment or 50-percent down payment under installment term even if the required payment is completed within the 30-day period,” Ignacio said.

 

According to her, member-borrowers who are 65 years old or older who choose not to file their final benefit claim within the availment period may avail only of the one-time payment.

 

Availment period

In addition, member-borrowers and heirs or beneficiaries of deceased members whose contingency date is on or before the last day of the availment period should file their benefit claim within the availment period of the penalty condonation program. They will only be allowed to avail of the one-time payment scheme through deduction from the benefit proceeds, Ignacio said.

 

“Applicants, except the final benefit filers, shall pay their consolidated loan using the SSS-issued payment reference number with the amount and due date for each required payment,” she added.

Earlier SSS estimates showed that up to 7 million borrowers with P59 billion in outstanding loans may apply for the program.

 

The SSS has offered four condonation programs to employers who were unable to remit contributions as well as members with loan payment deficiencies due to financial difficulties as a result of the COVID-19 pandemic.






 

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