SSS extends deadline for new pension payment methods

Published May 10, 2021, 4:20 PM

by Chino S. Leyco

State-run Social Security System (SSS) announced on Monday, May 10, that it has extended the deadline for pensioners’ compliance with the new disbursement methods for monthly pensions.


Aurora C. Ignacio, SSS president and chief executive officer said the mandatory use of the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other checkless disbursement channels has been extended to September 30, 2021.


Ignacio said the extension from its original March 31, 2021 deadline aims to provide pensioners more time to shift their disbursement accounts to participating banks or e-wallets under the PESONet or Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs).

As of April 2021, about 104,955 pensioners are not yet compliant with new disbursement methods. Of that number, 91,476 are receiving their pensions through non-PESONet banks, while the remaining 13,479 get their monthly retirement income through checks.

The SSS started the shift to using PESONet participating banks, e-wallets, and RTCs/CPOs as disbursement channels in October last year to provide a faster and more secure manner of releasing monthly pensions and eliminate disbursement through checks.

Pensioners who have yet to comply with the new requirement will continue to receive their monthly pension following the old disbursement procedures and schedule, Ignacio assured.

Pensioners whose disbursement accounts are already with PESONet participating banks, e-wallets, or M Lhuillier (as accredited RTC/CPO of the Development Bank of the Philippines) will receive their monthly pensions based on the revised schedule provided under SSS Circular No. 2020-024.

The circular provides for two batches of pension releases every month.


The first batch is scheduled every first day of the pension month covering pensioners whose date of contingency is from the first to the 15th day of the month, while the second batch will be released on the 16th day of the pension month for those whose date of contingency is from the 16th to the last day of the month.

If the credit date falls on a Saturday, Sunday, or holiday, the pension will be credited on the last working day before it.

SSS pensioners who are confined in an institution such as penitentiary or correctional and those whose pensions are handled through the Special Pension System and Special Voucher are exempted from shifting to the new disbursement method. To change their disbursements accounts, pensioners may view the complete instructions on the SSS Facebook. The list of PESONet participating banks can be accessed through the Bangko Sentral ng Pilipinas website.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","business-news","business"]
[2698789,2733189,2733041,2733010,2733005,2732987,2732982]