SSS launches short-term loan penalty mitigation program

MEMBERS with overdue short-term loans can apply for the Social Security System Penalty Relief Program (SSS) online using their My.SSS account from November 15, 2021 to February 14, 2022.

Aurora Ignacio, President and Chief Executive Officer of SSS, said the member loan short-term penalty program is part of the pandemic relief and restructuring programs offered by SSS.

“Our heart goes [out] our members, who have been badly affected by this pandemic, and yet they are trying to get back on their feet. SSS is always there to provide not only cash benefits and loan privileges, but conditional toleration that provides financial relief by waiving their accumulated penalties once they forego loan amount and interest [were] paid in full, “said Ignacio.

Included in the program were those with outstanding salaries, Calamity, Salary Loan Early Renewal Program; Emergency loan; and Restructured Loans under the Loan Restructuring Program that ran from 2016 to 2019.

Eligible applicants were: Members with short term membership loans who were at least six months past due from the first day of the contract term; Members who have not yet received a definitive benefit such as permanent disability or retirement; Members who have not been disqualified for fraud against the SSS; Members who would submit their definitive full permanent disability or retirement benefit claim for which the Emergency Date is on or before the last day of the Inheritance Eligibility Period; Heirs or beneficiaries of deceased Member Borrowers who would apply for death benefit whose Emergency Date was on or before the last day of the Inheritance Eligibility Period; and member borrowers who would pay their consolidated loan in installments whose age must be under 65 at the end of the installment term.

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