MANILA, Philippines — Members and pensioners affected by the onslaught of Severe Tropical Storm “Kristine” could avail of salary and pension loans, the Social Security System (SSS) announced on Friday.
SSS Senior Vice President for Lending and Asset Management Group Pedro Baoy said in a statement emailed to The Manila Times that the loan programs have been made available as the agency’s proactive response to the urgent financial needs of its members and pensioners during natural calamities.
To qualify for a one-month salary loan, employed, self-employed, and voluntary members must have 36 monthly contributions, six of which should be within the last 12 months before the month of the loan application.
Meanwhile, members should have at least 72 posted contributions if they opt to avail themselves of a two-month salary loan, Baoy said.
“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 added.
For individually-paying members, the official said he/she must have at least six posted contributions under their current membership type before the month of the loan application.
Qualified members can submit their salary loan application online via My.SSS Portal.
Once approved, loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM (automated teller machine) card or active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet)-participating bank.
Members can pay the salary loan in two years through 24 equal monthly amortizations with an annual interest rate of 10 percent.
Meanwhile, retiree-pensioners can avail themselves of the SSS pension loan equivalent to three, six, nine, and 12 times their Basic Monthly Pension plus P1,000 additional benefit, but not exceeding the maximum P200,000.
“If retiree-pensioners would avail of the 18 months advance pension, they must be receiving their regular monthly pension for at least one month,” Baoy said.
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