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Saturday, July 13, 2024

SSS opens Loan Condonation Program

Member-borrowers with past due short-term loans can apply for the Social Security System’s (SSS) Penalty Condonation Program via online using their My.SSS accounts starting November 15, 2021 up to February 14, 2022.
SSS President and Chief Executive Officer Aurora C. Ignacio said that the Short-Term Member Loan Penalty Condonation Program (STMLPCP) is part of the Pandemic Relief and Restructuring Programs being offered by SSS.
“Through the STMLPCP, SSS offers conditional loan condonation by waiving their accumulated penalties once their loan principal and interest are fully paid.” Ignacio said.
Included in the program are those with outstanding Salary, Calamity, Salary Loan Early Renewal Program, Emergency Loans and Restructured Loans under the Loan Restructuring Program implemented in 2016 to 2019.
Qualified to apply are the following: members with short term member loans that are past due for at least six months; members who have not been granted any final benefit such as permanent total disability or retirement; members who have not been disqualified due to fraud committed against the SSS; members who will file their final benefits application for permanent total disability or retirement, whose contingency date is on or before the last day of the availment period of the condonation program; heirs or beneficiaries of deceased member borrowers who will file the death benefit application, whose contingency date is on or before the last day of the availment period of the condonation program; and for member-borrowers who will pay their consolidated loan under installment basis, their age must be under 65 years old at the end of the installment term.

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