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SSS pensioners to receive 13th month bonus starting November 29

by Marje Pelayo   |   Posted on Monday, November 26th, 2018

MANILA, Philippines – Pensioners of the Social Security System (SSS) will have an early holiday treat as the agency announced the release of 13th month bonus beginning Thursday (November 29).

The SSS has allotted P22 billion to fund the bonuses of over two million of its pensioners.

Despite the controversies, the SSS assures its members that the state insurance is financially stable. – UNTV News & Rescue

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SSS reminds members of new table of monthly contribution

by Maris Federez   |   Posted on Wednesday, April 3rd, 2019

The Social Security System (SSS) has issued a reminder to all members of the new table of contribution.

Through its Twitter account, the agency announced the new SSS Contribution Table that took effect on Monday (April 1) for the applicable month of April 2019.

The new system in payment of monthly contribution is presented in three tables: one is for those who are Employed, Self-Employed, Voluntary Members and Non-Working Spouse; for Household Employers and kasambahay; and for OFW Members.

Members with advance payments at the minimum monthly salary credit (MSC) of P1,000 shall settle underpayments amounting to P6.00 per month; otherwise, such advance payment shall be deemed as ineffective contributions. 

Meanwhile, OFW members with advanced payment at the minimum MSC of 5,000 shall settle underpayments at P30.00 per month.

On the other hand, those with advance payments at an MSC other than the minimum may opt to pay the corresponding increase in contributions to retain posting at the same MSC; otherwise, such advance payment shall be posted at the applicable lower MSC. – Maris Federez

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SSS relaxes rules on pension loan program

by Robie de Guzman   |   Posted on Friday, March 8th, 2019

QUEZON CITY, Philippines – State-run Social Security System (SSS) has eased the application process for the Pension Loan Program (PLP) to make it easier for its more than 1.2 million pensioners.

In a statement issued on March 4, SSS said a retiree-pensioner with an active pension status and with at least more than one month of posted regular pension can avail of the loan program.

“Previously, a retiree pensioner must be receiving his monthly pension for at least six months to qualify for the SSS pension loan. But through our new issuance, even if they are receiving their regular monthly pension for just a month only and it is already posted in the system, they are already qualified to avail of a pension loan,” the statement read.

The agency added that the new guidelines for the PLP application will allow interested loan applicants to use other government-issued identifications cards aside from the Social Security Card or Unified Multi-Purpose Identification (UMID) card as a form of identification document.

These include the alien certificate of registration issued by Bureau of Immigration, driver’s license issued by Land Transportation Office, firearm registration, license to own and process firearms, and Permit to Carry Firearms Outside of Residence from the Philippine National Police, National Bureau of Investigation (NBI) clearance, passport, postal identity card, seafarer’s identification and record book (seaman’s book); and voter’s ID card.

“In absence of a primary ID card or document, filer shall present, submit any two valid ID cards or documents, both with signature and at least one with photo,” the SSS said.

The agency said the pension loan is part of their programs that are aimed at meeting the pensioners’ short-term financial needs.

“We hope that our pensioners opt to avail of the SSS pension loan in times of emergency expenses. Aside from the low-interest rate, we also make sure that they will still receive a portion of their monthly pension so that not all of it goes to loan repayment which is happening now when they borrow from loan sharks,” the SSS said.

“The loanable amount may not be as huge as what others may be offering, but it sure does serve its purpose to assist them in their short-term financial needs such as emergency medical expenses,” the agency added.

The SSS pension loan program was offered to pensioners starting September 2018. This was launched in response to the clamor of senior citizens to put an end to the growing incidence of pensioners falling victims to loan institutions that charge steep interest rates, and to help them with their short-term needs like emergency medical expenses.

As of February 28, 2019, SSS has released P638.33 million in pension loans to qualified pensioners.

Of the 166 SSS branches receiving pension loan applications, Bacolod branch has approved the most number of PLP applications with 1,982, equivalent to more than P41.53 million. Diliman branch, on the other, released the highest amount of pension loans amounting to P41.80 million for the same period. – Robie de Guzman

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New SSS Charter promises expanded benefits for members, OFWs

by Marje Pelayo   |   Posted on Tuesday, October 9th, 2018

 

SSS building facade | Photo via SSS Guides website

PASAY CITY, Philippines – The Bicameral Conference Committee has finalized on Tuesday (October 9) the proposed law that would change the 21-year-old charter of the Social Security System (SSS).

The new charter will provide compulsory coverage to overseas Filipino workers (OFW).

Like with ordinary employees, employers will also shoulder a portion of OFW contributions.

The new charter will also increase its loan allotment such as salary loan as well as retirement benefits.

“Ngayon makakautang pa sila ng mas malaki for salary up to 25% na ngayon,at ang housing loan 5%,” said Senator Richard Gordon, the bill’s author and sponsor.

Gordon said the current P16,000 salary loan will likely to increase to P35,000.

The measure will also lower the penalty for overdue contributions from 3% to 2%.

It also promises unemployment insurance.

Employees who will lose their jobs will get financial assistance for two months amounting to half of their monthly salary.

The SSS will be headed by the Secretary of the Finance who will act as its chairman.

Presidential appointees should pass qualifications to get the position and not because of political accommodations.

Increase in monthly contributions rests on the discretion of the Board of Directors and will not require the approval of the President or an endorsement from Congress.

“The commission members have a term and they have the right to approve whatever increase in benefits,” said Senator Franklin Drilon.

The reforms will also give a chance for inactive members to renew their membership.

“As long as you are a member you can resume paying your contribution and become active member again so you can get the full benefit from the system,” explained SSS Vice Chairman Emmanuel Dooc.

The measure awaits President Rodrigo Duterte’s signature before officially becoming a law.

Before the end of the year, the President is expected to approve the bill. – Nel Maribojoc / Marje Pelayo

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