Amid Kristine onslaught, SSS says members can tap salary, pension loans | ABS-CBN
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Amid Kristine onslaught, SSS says members can tap salary, pension loans
Arthur Fuentes,
ABS-CBN News
Published Oct 24, 2024 12:34 PM PHT
Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News
Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN NewsMANILA - Members and pensioners of the Social Security System can immediately avail of salary and pension loans amid the devastation caused by Tropical Storm Kristine, the state-run pension fund said on Thursday.
MANILA - Members and pensioners of the Social Security System can immediately avail of salary and pension loans amid the devastation caused by Tropical Storm Kristine, the state-run pension fund said on Thursday.
SSS members can apply for a one-month salary loan if they have at least 36 monthly contributions, six of which were within the last 12 months, the pension fund said.
SSS members can apply for a one-month salary loan if they have at least 36 monthly contributions, six of which were within the last 12 months, the pension fund said.
Members should have at least 72 posted contributions if they want a two-month salary loan, SSS said.
Members should have at least 72 posted contributions if they want a two-month salary loan, SSS 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,” said SSS Senior Vice President for Lending and Asset Management Group Pedro Baoy.
“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,” said SSS Senior Vice President for Lending and Asset Management Group Pedro Baoy.
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“Employers’ compliance is crucial in these situations since their updated contribution and loan payments are essential for their employee’s loan eligibility,” Baoy added.
“Employers’ compliance is crucial in these situations since their updated contribution and loan payments are essential for their employee’s loan eligibility,” Baoy added.
Meanwhile, retiree-pensioners can apply for an 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.
Meanwhile, retiree-pensioners can apply for an 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.
The pension fund however set the following conditions to qualify for a pension loan:
The pension fund however set the following conditions to qualify for a pension loan:
- Be 85 years of age or below at the end of the month of the loan repayment term;
- Be 85 years of age or below at the end of the month of the loan repayment term;
- Have no deductions from his/her monthly pension (such as for outstanding loan balance, benefit overpayment payable to SSS, and the like);
- Have no deductions from his/her monthly pension (such as for outstanding loan balance, benefit overpayment payable to SSS, and the like);
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- Have no existing advance pension under the SSS Calamity Assistance Package;
- Have no existing advance pension under the SSS Calamity Assistance Package;
- Be receiving his/her regular monthly pension for at least one month, and the status of pension is “active”;
- Be receiving his/her regular monthly pension for at least one month, and the status of pension is “active”;
- Have updated contact information (cellular/mobile number, email, and mailing address).
- Have updated contact information (cellular/mobile number, email, and mailing address).
“If retiree-pensioners availed of the 18-month advance pension, they must be receiving their regular monthly pension for at least one month,” said Baoy.
“If retiree-pensioners availed of the 18-month advance pension, they must be receiving their regular monthly pension for at least one month,” said Baoy.
Qualified members can submit their salary loan application online via My.SSS Portal. The loan will be payable in two years through 24 equal monthly amortizations with an annual interest rate of 10 percent.
Qualified members can submit their salary loan application online via My.SSS Portal. The loan will be payable in two years through 24 equal monthly amortizations with an annual interest rate of 10 percent.
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Pension loan applications can also be submitted online via My.SSS Portal (www.sss.gov.ph) or over the counter at the nearest SSS branch. The loan amortization, inclusive of a 10 percent annual interest rate, shall be deducted from the monthly pension with repayment terms of six, 12, or 24 months, depending on the loanable amount, the pension fund said.
Pension loan applications can also be submitted online via My.SSS Portal (www.sss.gov.ph) or over the counter at the nearest SSS branch. The loan amortization, inclusive of a 10 percent annual interest rate, shall be deducted from the monthly pension with repayment terms of six, 12, or 24 months, depending on the loanable amount, the pension fund said.
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