SSS starts sending payment notifications to loan borrowers

by Info @Brand Zone | June 18, 2024

The Social Security System (SSS) began notifying SSS members via text messages of late payments or past due on their short-term member loans, such as salary or calamity loans, starting last month so they could eventually renew their SSS loans after paying them off.

SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy emphasized the significance of the new SMS notifications, saying, "SSS will now regularly issue these messages to its loan borrowers, ensuring they are promptly reminded whenever they miss their loan payments or have loans that have remained unsettled after its maturity."

Baoy encouraged SSS members to log in to their My.SSS account to check if their previous approved loans have been fully settled to avoid penalties.

However, Baoy clarified that SSS member-borrowers who are consistently updated on their monthly loan amortizations will not receive these payment notices.

Baoy said SSS started sending payment notifications last month to remind members-borrowers of the due dates for their monthly loan payments.

“We send loan billing statements to our member-borrowers through their registered email address. However, unlike reading text messages, most members do not open their email inboxes. Most of them carry their mobile phones wherever they go, so we saw text alerts as a great way to remind them,” Baoy said.

Baoy said that SSS sends these payment notices to help member-borrowers avoid accumulating penalties for late payments and regain their good standing with the SSS so they can reapply for loans.

“If they miss their loan payments, they will be charged a one-percent monthly penalty on unpaid principal and interest until fully paid. If their loan remains unsettled for over five years, the incurred penalties will exceed the outstanding principal amount and interest. We do not want that to happen to our member-borrowers, so we are helping them avoid reaching that situation,” Baoy explained.  

Check loan records

Baoy advised members to be vigilant and regularly check their SSS loan records by accessing their My.SSS account. “If they do not have a My.SSS account, we suggest seeking assistance from our e-centers located in our branch offices.”

He also reminded them that whenever they transfer to a new employer, they must inform their new employer about their existing loan obligations with the SSS and allow them to deduct loan payments from their salary, including any interest or penalty incurred due to late remittance.

Avail of Conso Loan Program

Baoy strongly encouraged SSS members with unpaid short-term member loans to take advantage of the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan), which allows them to consolidate their loan obligations, making it easier to manage their payments and avoid penalties.

Baoy said SSS will combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan. "At the same time, all unpaid penalties shall be consolidated and condoned or waived upon full payment of the consolidated loan."

Baoy said members with outstanding loan obligations in their salary, calamity, emergency, and restructured loans, including the Salary Loan Early Renewal Program (SLERP), may submit their application for the condonation program using their My.SSS account.

Under the program, he explained that they can pay their consolidated obligations loan through a one-time payment or an installment plan.

“For the installment scheme, they must pay a down payment equivalent to at least 10% of the consolidated loan and pay the remaining balance for up to 60 months, wherein the length of the installment term depends on the amount of the unpaid loan,” he said.

He concluded that members with unpaid loans should grab this opportunity to pay their loan obligations while the program lasts.

MySSS Pension Booster, bagong programa para sa SSS member

@Buti na lang may SSS | June 17, 2024

Dear SSS, 

Magandang araw! Ako ay isang SS member. Nabalitaan ko kamakailan na mayroong bagong programang inilunsad ang SSS na tinatawag na MySSS Pension Booster para sa aming mga miyembro. Ano ba ang programang ito? Salamat. — Lito

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Mabuting araw sa iyo, Lito! 

Napapanahon ang iyong katanungan sapagkat may iniaalok ang SSS na isang voluntary provident fund program bilang karagdagang paraan ng pag-iipon para sa retirement ng mga miyembro. Ito ay tinatawag na voluntary scheme ng MySSS Pension Booster o dating tinatawag na Workers’ Investment and Savings Program (WISP) Plus.

Ito ay isang programa para sa lahat ng miyembro, anuman ang kanilang monthly salary credit (MSC) o bracket na may hindi bababa sa isang kontribusyon at wala pang final claim sa ilalim ng kanilang regular SSS program.

Ang MySSS Pension Booster ay isang magandang oportunidad sa mga miyembro upang mapalago ang kanilang pera na magsisilbing karagdagang layer ng social security protection para sa kanilang retirement fund bukod pa sa kanilang regular SS program.

Layuning protektahan ang principal ng mga contribution dito. Ibig sabihin, hindi dapat bababa ang nominal value nito, bagkus ay tataas lamang ito depende sa performance ng SSS investments. Magandang paraan ito para maprotektahan ang pinaghirapang pera ng mga miyembro laban sa inflation.

Kikita ng compounded interest ang mga contribution dito dahil ang investment income na idini-distribute kada taon ay magiging bahagi na rin ng Total Accumulated Account Value (TAAV) ng miyembro na kikita rin ng kaukulang interes.

Lito, kung nais mong magkaroon ng MySSS Pension Booster, maaari kang mag-log-in sa iyong My.SSS account sa www.sss.gov.ph, at mag-enroll sa MySSS Pension na nasa ilalim ng Services tab, at basahin ang terms and conditions ng programa at i-accept ito.

Ang pinakamababang kontribusyon para sa MySSS Pension Booster ay nagkakahalaga lamang ng P500 kada payment o bayad. Mababayaran ito sa pamamagitan ng Payment Reference Number (PRN) na kailangang i-generate mo gamit ang iyong My.SSS account.

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Patuloy na tumatanggap ng aplikasyon ang SSS para sa loan penalty condonation program nito.  Inilunsad ang Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty Program (Conso Loan) para tulungan ang mga miyembro na mayroong past-due loans sa SSS. Sa ilalim ng programa, hindi na sisingilin ang kaukulang penalties o multa ng kanilang past-due loans. Sa halip, ang tangi na lamang nilang babayaran ay ang orihinal o principal amount at interes nito.

Maaaring bayaran ang prinsipal at interes sa pamamagitan ng one-time full payment, o kaya’y bayaran kahit 10% nito bilang down payment at ang natitirang balanse ay babayaran nang hulugan sa loob ng hanggang 60 buwan o limang taon, depende sa halaga ng kanilang pagkakautang.

Sakop ng Conso Loan ang salary loan, calamity loan, Salary Loan Early Renewal Program (SLERP), emergency loan, at restructured loans gaya ng Loan Restructuring Program (LRP) noong mga nakaraang taon.

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Para sa tamang impormasyon at updates sa mga programa at benepisyo ng SSS, bisitahin at i-follow ang opisyal na Facebook page ng SSS sa “Philippine Social Security System - SSS” o sa X, ang dating Twitter, sa @PHLSSS. Maaari ring mag-subscribe sa YouTube channel sa “MYSSSPH”, at sumali sa SSS Viber Community, “MYSSSPH Updates”. Maaari kayong magpadala ng inyong concerns at katanungan sa usssaptayo@sss.gov.ph.

Earthquake-affected SSS members in Taiwan can now apply for a calamity loan

by Info @Brand Zone | June 14, 2024

Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet today announced that members affected by the recent Magnitude 7.4 earthquake in Taiwan may now avail of a calamity loan until August 20, 2024.

Macasaet said that SSS offered a Calamity Loan Assistance Program (CLAP) to its members living, residing, or working in Taiwan when the earthquake struck the island on April 3, 2024.

“The calamity loan offered to members in Taiwan was a historic first for SSS since we have never extended financial assistance to calamity-hit members outside of the Philippines until now. It only proved that we are always ready to assist our members wherever they are,” he said.

Macasaet said calamity-affected members can submit their loan applications online using their My.SSS account from May 21 to August 20, 2024.

“However, members must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number (CLRN) needed in their loan applications. The CLRN is a unique 12-alphanumeric identifier provided to SSS members and among the requirements for the calamity loan,” he explained.  

Under the CLAP, SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy said qualified members can borrow a loan equivalent to one monthly salary credit or up to P20,000.

To qualify, Baoy said affected members must meet the following requirements:

• Have a My.SSS account at www.sss.gov.ph;

• Have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application;

• Must be an OFW SSS member;

• Must be living, residing, or working in Taiwan during the time of the earthquake;

• Must be 65 years old and below at the time of loan application;

• Have not been granted any final benefit such as permanent total disability or retirement;

• Have no past due SSS Short-Term Member Loans;

• Have no outstanding restructured loan or calamity loan.

“Once approved, the loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank,” Baoy explained.

He said members could pay the calamity loan in two years or 24 equal monthly installments with an annual interest rate of 10 percent, and the one percent service fee has already been waived.

Baoy said the first loan amortization will start in the second month following the loan approval date. “For example, if their loan was approved on May 22, 2024. They will start paying their loan amortization by July 2024.”

He reminded member-borrowers that the loan’s payment deadline is every last day of the month following the applicable month. “If the deadline falls on a weekend or holiday, members may still make payment on the next working day. Late payments will be charged a one percent monthly penalty,” he added.