SSS opens penalty tolerance program for short-term loans

MEMBER-BORROWERS with delinquent short-term loans can apply online for the Social Security System (SSS) Penalty Concession Program using their My.SSS accounts, from November 15, 2021 to February 14, 2022.

SSS President and CEO Aurora Ignacio said the members’ short-term loan penalty tolerance program is part of the pandemic relief and restructuring programs offered by SSS.

“Our heart goes [out] to our members, who have been greatly affected during this pandemic, and yet they are doing their best to get back on their feet. SSS is still here to expand not only in the form of cash benefits and loan privileges, but also conditional forgiveness, which provides financial relief by waiving their accrued penalties once the principal and interest on their loan [were] fully paid,” Ignacio said.

The program included those with unpaid salary, calamity, and early renewal salary loan program; Emergency loans; and loans restructured under the loan restructuring program, implemented from 2016 to 2019.

Qualified applicants were: members with short-term loans past due for at least six months from the first day of the grace period; members who had not received any permanent benefits such as permanent total disability or retirement; members who had not been disqualified due to fraud committed against the SSS; members who submit their last claim for benefits for permanent total disability or retirement, whose contingency date is no later than the last day of the period of taking advantage of the tolerance program; the heirs or assigns of the deceased member-borrowers who would submit the application for the death benefit, the contingency date of which was no later than the last day of the period of use of the concession program; and member-borrowers repaying their consolidated installment loan, who must be under age 65 at the end of the installment term.

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