The Social Security System (SSS) has extended its deadline for pensioners to shift their disbursement accounts to participating banks or e-wallets under the Philippine Electronic Fund Transfer System and Operations Network (PESONet) or Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs) to Sept. 30, 2021.
The six-month extension from the previously announced deadline of March 31 aims to give SSS pensioners more time to comply with this requirement while community quarantine protocols are being implemented, Aurora Ignacio, SSS president and chief executive officer, said in a statement yesterday.
This will also give accredited rural banks enough time to complete their applications to be included in PESONet, the pension fund said.
The SSS started the shift to using PESONet participating banks, e-wallets and RTCs/CPOs as disbursement channels in October 2020 to provide a faster and more secure manner of releasing monthly pensions and eliminate disbursement through checks.
Ignacio said that as of April 2021, about 104,955 pensioners are not yet compliant with this requirement.
Of this number, 91,476 are receiving their pensions through non-PESONet participating banks, while the remaining 13,479 get their monthly retirement income through checks.
