Tuesday, September 25, 2012

SSS Info

SSS Loan Penalty Condonation Program ends on September 30, 2009

        The six-month availment period of the condonation program for delinquent borrowers will end on September 30, 2012. The SSS grants condonable penalties of 50 to 100 percent, depending on the borrower’s situation and mode of payment under the program.

       The SSS offers 100 percent condonation of penalties to borrowers under Situation 1-A, or those whose employers failed to remit the loan amortizations deducted from members’ salaries. They can submit proof of employers’ unremitted loan payments such as pay slips or affidavits.

       Borrowers with at least three paid amortizations and a minimum of three contributions within the last six months before the month of application, or contributions for the next three months, qualify under Situation 2, which condones 90 percent of penalties for full payment and 80 percent for installment payments of up to three years.
       Members applying under Situation 2 no longer need to wait for posting of the required contribution and loan payments. They can simply present SSS receipts as proof of payments so that we can immediately process their application for condonation, clarified by SSS President and Chief Executive Officer Emilio de Quiros, Jr.

       Delinquent borrowers filing retirement or total disability claims within the availment period can apply for penalty condonation under Situation 3. Half of their loan penalties will be waived and the rest will be deducted from their retirement or disability claim.

       De Quiros said the amnesty is also extended to beneficiaries of member-borrowers who died with unpaid loans (Situation 1-B) to enable dependents to receive the full amount of death benefits. They can file their application for condonation with their SSS death claim until March 13, 2013.

source : https://www.sss.gov.ph/sss/index2.jsp?secid=3124&cat=6&pg=null

Members who have online access to their SSS membership data can also apply to this program via online by logging in to https://www.sss.gov.ph/sss/Section_View

For more details please see slide show below.

Know your benefits as a member of SSS.

What is the retirement benefit?
It is a cash benefit either in monthly pension or lump sum paid to a member who can no longer work due to old age.

Who may qualify for a retirement benefit?
  1. A member who is 60 years old, separated form employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.
  2. A member who is 65 years old whether employed or not and has paid at least 120 monthly contributions prior to the semester of retirement.
For Underground Mineworkers:
  1. Has reached the age of 55 years old and is an underground mineworker for at least 5 years (either continuous or accumulated) prior to the semester of retirement but whose actual date of retirement is not earlier than March 13, 1998; separated from employment or in the case of self-employed, has ceased self-employment, and has paid at least 120 monthly contributions prior to the semester of retirement.

  2. Has reached the age of 60 years old whether employed or not.
What are the types of retirement benefits?
They are:
  1. the monthly pension, and
  2. the lump sum amount.
The monthly pension is a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.
The lump sum amount is granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.

How much monthly pension will a retiree receive?
The monthly pension depends on the members paid contributions, including the credited years of service (CYS) and the number of dependent minor children but not to exceed five. The amount of monthly pension will be the highest of:
  1. the sum of P300 plus 20 percent of the average monthly salary credit plus 2 per cent of the average monthly salary credit for each accredited year of service (CYS) in excess of ten years; or
  2. 40 per cent of the average monthly salary credit; or
  3. P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,000, if the CYS is 20 or more. The monthly pension is paid for not less than 60 months.
A retiree has the option to receive the first 18 monthly pension in lump sum discounted at a preferential rate of interest to be determined by the SSS. The option should be exercised upon filing of the first retirement claim. Only advance payments shall be discounted on the date of the payment. The dependents’ pension and 13th month pensions are excluded from the 18 months lump sum pension.
The member will receive the monthly pension on the 19th month and every month thereafter.

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