SSS launches short-term member loan condonation program

Published December 1, 2021, 7:59 AM

by Gabriela Baron

The Social Security System (SSS) said member-borrowers with past due short-term loans may now apply for the Short-Term Member Loan Penalty Condonation Program (STMLPCP) up to Feb. 14, 2022.

(SSS)

SSS President and Chief Executive Officer Aurora C. Ignacio said the program is part of the pandemic relief and restructuring programs offered by the state-run insurance agency.

“We continue to respond to the needs of our members who were greatly affected during this pandemic. Through the STMLPCP, SSS offers conditional loan condonation by waiving their accumulated penalties once their loan principal and interest are fully paid.” Ignacio said.

Included in the program are those with outstanding Salary, Calamity, Salary Loan Early Renewal Program (SLERP), Emergency Loans and Restructured Loan under the Loan Restructuring Program (LRP) implemented in 2016 to 2019.

Qualified to apply are members with short term loans that are past due for at least six months as of the first day of the condonation availment period; members who have not been granted any final benefit such as permanent total disability or retirement; members who have not been disqualified due to fraud committed against the SSS; and members who will file their final benefits application for permanent total disability or retirement.

Meanwhile, for member-borrowers who will pay their consolidated loan under an installment basis, their age must be under 65 years old at the end of the installment term.

“We encourage our member-borrowers to avail of our short-term member loan condonation program. With this program, they can update their loans and avoid further accumulation of penalties,” Ignacio added.

 
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