SSS condones P500-M penalties
More than 80,000 members settled their overdue loan obligations and benefited from condoned penalties amounting to P590.79 million from the Social Security System’s (SSS) amnesty program.
The loan penalty condonation program which started last April will give delinquent SSS members until the end of September this year to settle their loan obligations.
SSS president and chief executive officer Emilio de Quiros Jr. said they are encouraging members to settle their overdue loan obligations in a month to avoid deductions in their future disability, retirement or death benefits.
Quiros said SSS collectibles from 80,000 members who availed of the program totaled P1.3 billion which includes principal, interest and collectible penalties.
“Members who neglect their loan payments will face ballooning monthly penalties that will be harder for them to pay in the future,” de Quiros said.
He said members can apply for penalty condonation at any SSS branch or by logging on to their website www.sss.gov.ph.
Article continues after this advertisementSSS offers 50 to 100 percent condonation of penalties, depending on the borrower’ situation.
Article continues after this advertisementAbout 100 percent condonation of penalties is offered to members whose loan payments were not remitted by their employers and those beneficiaries of deceased members.
Member-borrowers who paid at least three amortizations since the loan take-out and a minimum of three months worth of contributions within the last six months qualify for the program.
Members who pay in full receive 90 percent condonation of penalties while those who pay in installments receive 80 percent penalty condonation.
About 50 percent condonation will be offered to delinquent borrowers filing retirement or total disability.
Helen Solito, asst. vice president of SSS-Central Visayas said 6,000 of the 80,000 members come from the region.
About P70 million in penalties were condoned, she said.
“Some of the members opted to pay in full, some in installments,” Solito added.
Of the 606 cases filed against delinquent borrowers, 46 came from Central Visayas.
