SSS launches loan condonation program for individual members

Friday 23rd of March 2012

CATBALOGAN CITY, Samar, Mar. 23 (PIA) -- The Social Security System (SSS) will waive penalties from unpaid loans by delinquent individual member-borrowers.

In a press release penned by SSS-Catbalogan branch head Niceta Carretas, starting April 2 until September 30 of this year under SSS Circular Number 2012-005, the agency will be condoning penalties of unpaid loans by member-borrowers that are subject to the conditions and requirements set.

For the beneficiaries of deceased member-borrowers, deadline for availing the program is on March 13, 2013.

The circular lists four specific situations in which a member borrower or beneficiaries can avail of the said program.

Situation 1a covers member-borrowers whose employers deducted their loan amortizations from their salaries/separation pay but did not remit it to SSS.

Meanwhile, situation 1b is for beneficiaries of deceased member-borrowers with unpaid loans, who will file for death claim benefits within the availment period.

Situation 2 is for delinquent member-borrowers who have paid at least three monthly amortizations since loan take-out.

Lastly, situation 3 is for delinquent member-borrowers who shall file for retirement or total disability claim during the availment period.

The SSS circular also stressed that for situation 1a and situation 2, three monthly contributions must have been paid within the last six months before filing application for new condonation program.

It also emphasized that the program only waives or condones overdue charges and penalties accrued, but the principal amount and interest must still be settled. (EOPT/NIBQ/PIA 8-Samar with SSS Catbalogan)