On Monday, April 2, 2018, the Social Security System (SSS) will once again open its doors to members who with unpaid obligations with the agency. This is another opportunity that the state-run pension fund is extending to members to allow them to settle overdue loans and regain their good standing with the SSS to avoid problems with their claims later on.
Who can benefit from this offer?
The SSS will condone penalties of member borrowers, making special mention of those who were affected by the Marawi siege and Mayon Volcano eruption.
How will members benefit from the program?
Members with delinquent accounts will not have the opportunity to settle their overdue loan principal and interests – in full payment or through installment basis – with respect to the SSS’ terms, depending on the member’s capacity to pay.
Whether the member is paying in full or through installment basis, the SSS will waive the loan penalties after the member has completed payment for the restructured loan.
Below is a summary of the program’s provisions, for reference:
- Past due payments for the following loans:
- Salary loan
- Emergency loan
- Old educational loan
- Study Now, Pay Later Plan
- Voc-tech loans,
- Y2K loans,
- Investments Incentive Loan
- Other loans that were past due for at least six months as of April 2, 2018.
- An interest rate of 3% will be implemented for restructured loans.
- Penalties will be condoned upon full payment, with option to renew the loan after six months.
- Members will be back to “good standing” with the SSS, be able to apply for new loans, and be assured of fully enjoying their final benefit claims in the future.
- Members who were granted condonation in the last loan restructuring program of the SSS will no longer be accommodated.
Visit the nearest SSS branch office in your area now to know more about this offer. The SSS Loan Restructuring Program will be available until October 1, 2018.