SSS opens penalty tolerance program for short-term loans
MEMBER-BORROWERS with short-term loans in arrears can apply online for the Social Security System (SSS) Sentence Forgiveness Program using their My.SSS accounts, from November 15, 2021 to February 14, 2022.
SSS President and CEO Aurora Ignacio said the condolence program for short-term member loans is part of the pandemic relief and restructuring programs offered by SSS.
“Our heart goes [out] to our members, who have been greatly affected during this pandemic, yet they are doing their best to get back on their feet. The SSS is always here to expand not only in the form of cash benefits and loan privileges, but also conditional tolerance, which provides financial relief by waiving their accrued penalties once principal and interest of their loan [were] fully paid, ”Ignacio said.
Included in the program were those with past due salary, calamity, early salary loan renewal program; Emergency loans; and loans restructured under the loan restructuring program, implemented from 2016 to 2019.
Qualified applicants were: members with short-term member loans that were at least six months past due from the first day of the tolerance period; members who had not received any definitive benefits such as permanent total disability or retirement; members who had not been disqualified due to fraud committed against the SSS; members who submit their final claim for permanent total disability or retirement benefits, whose contingency date is no later than the last day of the period of availability of the condolence program; the heirs or beneficiaries of deceased borrowing members who would submit the death benefit request, whose contingency date was no later than the last day of the period of availability of the condolence program; and borrower-members who would pay their consolidated loan in installments, whose age must be less than 65 years at the end of the installment term.