NextGen Day

The Social Security System (SSS) invited its members on Thursday to benefit from its new loan penalty condonation program if they had delinquent short-term member loans.

According to SSS, the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty program was created to help its members pay off past-due loans.

SSS President and CEO Michael Regino remarked, “We regularly offer loan penalty condonation programs to help our members settle their loan balances without penalties and reclaim their good status with the SSS.”

The new program is open to members with outstanding salary loans, including those from the Salary Loan Early Renewal Program (SLERP), and the Calamity, Emergency, and Restructured Loan programs.

Interested parties should additionally possess:

-have a valid My.SSS account -have a past-due short-term member loan at the time of their application -haven’t received any final benefits, such as retirement or permanent total disability -haven’t been disqualified due to SSS fraud

In addition, any overdue penalties will be merged and waived upon complete repayment of the consolidated loan, according to Regino. “The SSS shall combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan.”

Members can pay their consolidated debt in full within 30 days of receiving the approval notification, or they can choose to make monthly installment payments instead.

Members must make a down payment for the installment plan equal to at least 10% of the combined loan within 30 days of receiving the approval notice.

Depending on the amount, consumers can pay the remaining debt over 60 months.

The SSS will, by the Social Security Commission’s approval, deduct the outstanding balance of the consolidated loan from the member’s short-term benefits (claims for sickness, maternity, or partial disability benefits) and final benefits (claims for permanent total disability, death, and retirement) if they are not met.

According to Regino, the outstanding balance of the aggregated loan may also be subtracted from the final benefit claims made by members or their beneficiaries in the event of their death.

Regino stated that although the SSS wants to recover past-due debts, they understand how the epidemic has affected their members’ ability to support themselves.

They may already be able to meet their debt payments at this stage. Therefore, we created this unified program to aid people in repaying their debts by waiving the penalties and providing flexible payment arrangements,” he continued.

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