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SSS offers new loan penalty condonation program
By Nidz Godino
“We want to collect past-due loans from our members…however, we also recognize pandemic has greatly affected livelihood of many of them…at this point, they might already be able to pay their loan obligations,” Social Security System (SSS) president and chief executive officer Michael Regino said in an emailed statement announced new loan penalty condonation program for qualified members, citing impact of COVID-19 pandemic.
Under the program, SSS will combine principal and interest of past-due short-term member loans into one consolidated loan, with all unpaid penalties consolidated and condoned once loan is fully paid.
Members can choose an installment scheme where they will be required to pay at least 10% of consolidated loan within 30 calendar days after approval notice.
They will be given up to 60 months to pay remaining balance, depending on the amount.
“We designed this consolidated program to help them settle their loan obligations by condoning penalties and offering flexible payment terms,” he stressed.
Members eligible for the program are those with past-due short-term loan, have not been granted any final benefit such as permanent total disability.
They must also have an active account on the agency’s My.SSS platform, and should not have any record of fraud.
For members who do not meet payment terms, SSS will deduct outstanding balance of consolidated loan from short-term benefits and final benefits.
The outstanding balance from consolidated loan can also be deducted from death benefit of members’ beneficiaries, or deduct it from actual final benefit claims.
SSS is mandated to promote social justice and provide protection to members and families against hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden.
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