The Social Security System (SSS) announced today that members and pensioners affected by Typhoon Kristine can now avail of salary and pension loans.
“As part of our proactive response to the urgent financial needs of our members and pensioners during natural calamities, the SSS loan programs are readily available to support their recovery,” said SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy.
To qualify for a one-month salary loan, employed, self-employed, and voluntary members must have made 36 monthly contributions, six of which should be within the last 12 months prior to the loan application. For a two-month salary loan, members must have at least 72 posted contributions.
“They must be under 65 years of age at the time of loan application and have not been granted any final benefit such as total disability, retirement, or death benefits,” Baoy added.
Baoy also emphasized that individually paying members need at least six posted contributions under their current membership type before the month of loan application. “Employers’ compliance is crucial in these situations since updated contribution and loan payments are essential for employee loan eligibility,” Baoy noted.
Qualified members can submit their salary loan applications online via the My.SSS Portal. Upon approval, loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet)-participating bank.
The salary loan is payable over two years through 24 equal monthly installments with an annual interest rate of 10 percent.
