The Social Security System (SSS) has extended its deadline for pensioners to shift their disbursement accounts to participating banks or e-wallets under the Philippine Electronic Fund Transfer System (PESONet) until Sept. 30, 2021.
As of April, about 104,955 pensioners are not yet compliant with this requirement. Of this number, 91,476 banks, while the remaining 13,479 get their monthly retirement income through checks.
The six-month extension from the previously announced deadline of March 31, 2021 came after the approval of the Social Security Commission Resolution No. 141-s.2021 dated March 24, 2021.
The SSS started the shift to using PESONet participating banks, e-wallets, and Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs) as disbursement channels in October 2020 to provide a faster and more secure manner of releasing monthly pensions and eliminate disbursements through checks.
“The extended deadline aims to give SSS pensioners more time to comply with this requirement while community quarantine protocols are still being implemented. This will also give accredited rural banks enough time to complete their applications to be included in PESONet,” SSS President and CEO Aurora C. Ignacio said Tuesday, May 11.
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 added.
Meanwhile, pensioners whose accounts are already with PESONet participating banks, e-wallets, or M Lhuilier will receive their monthly pensions based on the revised schedule, which would be either on the first day of the month or the 16th day.
If the credit 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,” Ignacio added.