SSS refunds 2020 loan payments of pension loan borrowers

[ad_1]

THE Social Safety System (SSS) introduced that it began refunding one to 2 months of mortgage funds collected from its pension mortgage debtors beneath the Pension Mortgage Program (PLP) in 2020 efficient January 20, 2022.

PLP was launched in September 2018 to assist retiree pensioners with their short-term monetary wants by providing a mortgage at a low rate of interest of 10 p.c every year with a most loanable quantity of P200,000 payable in six, 12, and 24 months.

The pension mortgage fee refund relies on Round 2022-002 in compliance with the provisions of Republic Act 11494, or the Bayanihan to Get well as One Act.

Beneath the mentioned legislation, banks, quasi-banks, financing corporations, lending corporations, and different financing establishments, each private and non-private, had been directed to present a 30-day grace interval for debtors’ mortgage funds with out incurring any curiosity on curiosity, penalties, charges, and different prices. The supply lined mortgage funds with dues that fall inside September 15 to December 31, 2020.

SSS President and Chief Govt Officer Aurora Ignacio mentioned that the pension fund will refund P105 million price of pension mortgage funds to 25,231 pension mortgage debtors.

“We perceive the predicament confronted by our PLP debtors which is why they opted to file their loans to SSS to additional finance their medical and quick monetary considerations caused by the present pandemic,” Ignacio mentioned.

Ignacio added that PLP affords monetary help to retiree pensioners for his or her short-term wants and the refund of their pension mortgage funds will drastically assist them deal with the results of the coronavirus illness (Covid-19) pandemic.

Eligible SSS retiree pensioners are those that are at the moment amortizing as of the implementation date and those that began their month-to-month amortization in October 2020. They may obtain mortgage fee refunds for his or her mortgage funds in October and November 2020.

For pensioners who began their month-to-month amortization in November 2020, they are going to get a refund for his or her mortgage funds in November and December 2020 whereas those that solely began paying their mortgage amortizations in December 2020 will solely get a one-month refund for December 2020.

“We advise our pensioners that they not have to go to SSS to use for the mentioned refund. Just like the refund of the April and Might 2020 mortgage funds final December 9 and 10, 2021 beneath Bayanihan 1, these pension mortgage fee refunds will routinely be credited to certified pensioners via their respective SSS UMID-ATM card or Union Financial institution QuickCard financial savings accounts the place they already acquired the proceeds,” Ignacio added. mentioned.

As well as, SSS would additionally lengthen the pensioner’s mortgage fee time period by one or two months with none further curiosity or penalty. Suppose a pensioner’s mortgage fee time period is till September 2021 and acquired a two-month refund; their fee phrases will likely be till November 2021 with none curiosity or penalties.

Likewise, their pension mortgage will stay insured with none further premiums till the tip of the prolonged fee time period.

Pensioners can also renew their purposes after the expiration of their unique mortgage fee time period. Nevertheless, the remaining steadiness from the pensioners’ earlier pension mortgage will likely be deducted from their present or new loans.

For instance, a pensioner’s unique mortgage time period is till September 2021, however the refund prolonged it till November 2021. The pensioner can already renew his pension mortgage by October 2021, whereby any excellent steadiness from the pensioner’s earlier mortgage will likely be deducted from his new pension mortgage.

From January to December 2021, the SSS has launched P3.09 billion price of pension loans to 69,111 pension mortgage debtors.

For extra data, go to the uSSSap Tayo Portal at https://crms.sss.gov.ph, observe the SSS on Fb at “Philippine Social Safety System – SSS,” Instagram and YouTube at “mysssph,” Twitter at “PHLSSS,” or be part of its Viber Neighborhood at “MYSSSPH Updates.” (PR)