The Social Security System (SSS) has started its penalty condonation program for short-term member loans, which will run until February 14 next year.
In a statement, SSS said member-borrowers with past due short-term loans may apply for the penalty condonation program online using their My.SSS accounts.
Aurora Ignacio, SSS president and chief executive officer, said the Short-term Member Loan Penalty Condonation Program (STMLPCP) is part of the Pandemic Relief and Restructuring Programs being offered by SSS.
“Our heart goes to our members who were greatly affected during this pandemic and yet they try their best to get back on their feet. SSS is always here to extend not only in a form of cash benefits and loan privileges but also conditional condonation which provides financial relief 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 loan under the Loan Restructuring Program implemented in 2016 to 2019.
Those who are qualified include members with short term member loans that are past due for at least six months as of the first day of the condonation availment period; 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; and 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.
For member-borrowers who will pay their consolidated loan under instalment basis, their age must be under 65 years old at the end of the instalment term.
