SSS offers new loan penalty condonation | Inquirer News

SSS offers new loan penalty condonation

05:12 AM October 07, 2022
The Social Security System main office in Quezon City

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The Social Security System (SSS) on Thursday urged its members with unpaid short-term member loans to take advantage of its new loan penalty condonation program.

SSS president and chief executive officer Michael Regino said in a statement that salary loans, calamity, emergency and restructured loans are covered by the new program.

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Regino said the principal and interest of a member’s past-due short-term loans would be consolidated while all unpaid penalties shall be condoned upon full payment of the consolidated loan.

Members may pay their consolidated loan through a one-time payment within 30 days after receiving the approval notice or they may also opt to pay through installment.

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They can also pay outstanding balances over up to 60 months, depending on the amount.

READ: SSS extends 2 loan condonation programs to May

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TAGS: Loan, penalty condonation, SSS
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