The Social Security System (SSS) Building on East Avenue, Quezon City. INQUIRER file photo / RAFFY LERMA
MANILA, Philippines — The deadline for Social Security System (SSS) pensioners’ to shift to banks under the Philippine Electronic Fund Transfer System and Operations Network (PESONet) has been extended until September 30, 2021, the state-run insurer said.
According to a statement from SSS, the decision to extend the deadline — from its previous date of March 31 — was because 104,955 of their pensioners are still using banks that are not included in the list of PESONet participating banks.
“SSS President and CEO Aurora C. 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,” the insurance company said.
“The six-month extension from the previously announced deadline of March 31, 2021 came after the approval of the Social Security Commission Resolution No. 141-s.2021 dated March 24, 2021,” it added.
SSS shifted to giving out pension through PESONet participating banks as early as October 2020, to ensure that transactions would be quicker and more secure amid complaints that there are some pensioners who have not received their monthly pension.
The move also seeks to stop disbursing pension through checks.
“Ignacio said the extended deadline aims to give SSS pensioners more time to comply with this requirement while community quarantine protocols are still being implemented. This will also give accredited rural banks enough time to complete their applications to be included in PESONet,” SSS explained.
“Pensioners who have yet to comply with the new requirement will continue to receive their monthly pension following the old disbursement procedures and schedule,” it added.
Meanwhile, those who have shifted or created accounts with PESONet participating banks and e-wallets can receive their monthly pension based on the revised schedule, which would be either on the first day of the month or the 16th day.
“If the credit date falls on a Saturday, Sunday, or holiday, the pension will be credited on the last working day before it,” SSS noted.
“SSS pensioners who are confined in an institution such as penitentiary or correctional and those whose pensions are handled through the Special Pension System and Special Voucher are exempted from shifting to the new disbursement method,” it said.
SSS reminded users that pensioners may change their accounts by following the instructions on the SSS Facebook page which can be accessed through: https://bit.ly/2HHaVi2. The list of PESONet banks on the other hand can be found here: https://bit.ly/3faxkAw.