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Manila Bulletin devider Business devider SSS offers loans to typhoon-affected members

SSS offers loans to typhoon-affected members

Published Oct 24, 2024 05:43 am

State-run Social Security System (SSS) said that its members and pensioners affected by Severe Tropical Storm Kristine can now access salary and pension loans.

In a statement, Pedro T. Baoy, SSS senior vice president for lending and asset management, said the “loan programs are readily available” to support the recovery of its members during calamities.

To qualify for a one-month salary loan, members must have 36 monthly contributions, including six made within the last year prior to their application, SSS said in a statement on the second day of STS Kristine in the country.

For a two-month salary loan, members must have at least 72 posted contributions.

“They must be under 65 years of age at the time of loan application and have not been granted any final benefit like total disability, retirement, or death benefits,” Baoy said.

Baoy emphasized that employers' compliance is essential, as updated contribution and loan payments are vital for employees' loan eligibility.

Qualified members can apply for salary loans online through the SSS portal.

As per SSS, once approved, loan proceeds will be credited to their registered Unified Multi-Purpose Identification (UMID)-ATM Card or active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet)-participating bank.

Members can repay the salary loan over two years with 24 equal monthly payments at an annual interest rate of 10 percent.

Meanwhile, retirement pensioners can access an SSS pension loan worth three, six, nine, or 12 times their basic monthly pension, plus an additional P1,000, with a maximum limit of P200,000.

To qualify, borrowers must be 85 years old or younger at the end of the loan repayment term, have no deductions from their monthly pension, not have an existing advance pension under the SSS Calamity Assistance Package, have received their regular monthly pension for at least one month, and maintain updated contact information.

Baoy noted that retirement pensioners who received an 18-month advance pension must have been receiving their regular monthly pension for at least one month. (Derco Rosal)

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Social Security System (SSS) KristinePH
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