The Social Security System (SSS) has launched a new penalty condonation program that aims to aid its members in paying their past-due loans, the pension fund said in a statement.
Michael Regino, SSS president and chief executive office, urged members with unpaid short-term member loans to take advantage of the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty.
Members qualified to avail of the program are those with outstanding Salary Loans including Salary Loan Early Renewal Program (SLERP), Calamity, Emergency Loan, and Restructured Loan.
Under the program, SSS shall combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan while all unpaid penalties shall be consolidated and condoned upon full payment of the consolidated loan.
Interested members must meet the following requirements to qualify for the program: have a past-due short-term member loan at the time of their application; have not been granted any final benefit such as permanent total disability or retirement; have not been disqualified due to fraud committed against the SSS; and have an active My.SSS account.
Regino said members may pay their consolidated loan through a one-time payment within 30 calendar days after receiving the approval notice or they may also opt to pay through installment.
