According to the statement of the Social Security System (SSS), members and pensioners affected by Typhoon Kristine can now receive a loan for salary and pension. "As part of our active response to the urgent financial needs of our members and pensioners during times of calamity, the SSS loan program is ready to support their recovery," said Senior Vice President for Credit and Asset Management of SSS Pedro T. Bay.
To obtain a loan for one month of salary, working, self-employed, and voluntary members must have 36 monthly contributions, of which six must be for the last 12 months prior to the submission of the loan application. For a two-month salary loan, members must have at least 72 contributions.
"They must be under 65 years old at the time of filing the loan application and should not be receiving any final benefits such as total disability, old-age pension, or survivorship benefits,” Bay added. He also noted that members who pay their contributions voluntarily must have at least six paid contributions for the current membership type by the month of loan application submission.
After approval, the loan proceeds will be credited to the registered UMID-ATM card of the member or to active bank accounts participating in the Philippine Electronic Fund Transfer System and Operations Network (PESONet). The loan for salary is payable over two years through 24 equal monthly payments at an annual interest rate of 10 percent.
"Compliance by employers is vital in such situations, as updated contributions and payments for loans are essential for obtaining the right to a loan for employees," emphasized Bay. Qualified members can submit a loan application for a salary loan online through the My.SSS portal.
