Social Security System (SSS) is offering a condonation program for member-borrowers with short-term loans.
SSS Luzon Central 2 Vice President Gloria Corazon Andrada said the Short-Term Member Loan Penalty Condonation Program is one of their initiatives under the Pandemic Relief and Restructuring Program.
“Through this, we want to lessen the burden of our members, especially those who were severely affected by the ongoing Covid-19 pandemic. This is one way of making them feel that there is always help that can be extended to them in times of need,” she said.
Under the conditional condonation program, Andrada said that accumulated penalties from loans will be waived from the amount that borrowers need to pay.
“We encourage our member-borrowers to avail this because you can use the amount that will be deducted to your credit for not paying the penalty to buy your family’s basic needs, especially now that most of our kababayans are still recovering from the socio-economic impacts of the pandemic,” Andrada said.
Eligible to apply under this are borrowers with outstanding salary and calamity loans, as well as those who availed of the Salary Loan Early Renewal Program, and Emergency Loans and Restructured Loan under the Loan Restructuring Program implemented in 2016 to 2019.
To apply, the member should have a short term member loan that is past due for at least six months as of the first day of the condonation availment period which is on November 15, 2021.
Members who have not been granted any final benefit such as permanent total disability or retirement; those who have not been disqualified due to fraud committed against the SSS; and those who will file their final benefits application for permanent total disability or retirement with contingency date on or before the last day of the availment period of the condonation program can also apply.
“Heirs or beneficiaries of deceased member- borrowers who will file the death benefit application, whose contingency date is on or before the last day of the availment period of the condonation program are also eligible. Meanwhile, member-borrowers who will pay their consolidated loan under installment basis must be under 65 years old at the end of the installment term,” Andrada said.
The SSS official added that those who will avail the program may opt to pay the principal amount in full, or pay at least 50% and then pay the remaining amount in six months.
Deadline for application will be on February 14,2022.
Interested members can go to their my.SSS account to apply and can visit the SSS website or follow its social media accounts for more information. (PIA 3)
