THE Social Security System (SSS) will no longer disburse benefit payouts to its members through checks and will release payouts through accredited banks.
In a statement, SSS President and Chief Executive Officer Aurora Ignacio said that lump-sum disability, death and retirement benefits, including Employees’ Compensation (EC) disability benefit, which were previously released through checks are now mandatorily released through banks.
“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,” Ignacio said.
The pension fund explained that under the program, lump-sum benefit payments are remitted by the SSS to the member or claimant’s account in their preferred SSS-accredited bank.
As of this post, there are at least 67 SSS-accredited paying banks, such as Asia United Bank Corp., Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Co., and Union Bank of the Philippines.
A qualified member or claimant for any of the benefit programs will now be required to present to the SSS a bank document with his or her name.
A single savings account passbook, an ATM card with name and account number, validated initial deposit slip or copy of bank certificate or statement may be presented as bank documents.
The bank certificate or statement shall be duly signed by the bank’s authorized signatory and shall contain the complete name of the member or claimant, savings account number, and the bank’s branch name and complete address.
“Members or claimants may also use their Unified Multi-Purpose Identification card if it is enrolled as an ATM. These are Umid cards issued with EMV chips,” Ignacio instructed.
For members or claimants with no existing single savings account, the SSS will issue them a letter of introduction for them to present to their chosen SSS-accredited bank.
The pension fund said that some cases are exempted from the mandatory release of the said lump- sum benefits through banks. These include cases when the address of the member or claimant is beyond 30 kilometers to the nearest SSS-accredited bank or in a high-risk area where peace and order is unstable due to the presence of armed conflict.
It added that when the amount of benefit is P1,000 and below, or when the member or claimant is confined in an applicable institution, such as penitentiary, correctional institution or rehabilitation center, the member is not qualified for the “checkless” transaction.
“The program has been really effective since its implementation. It is more convenient for our members since they do not have to wait for or get their checks and personally cash it on the assigned bank. They’ll just have to wait for their benefits to be credited to their respective accounts and withdraw it whenever they need it,” Ignacio said.
3 comments
I checked Maternity claim on the SSS page it says,status: settled Remitted to:Bank of the Philippine Islands. Settlement date is: 03/03/2020. Just want ask how long will it take to be credited to my account. How long is the bank clearing gonna take? I’ve asked the Sss personel but they were not certain to how long it takes. Hope you could get back to me. THANK YOU!
Same thing happened to me. Settlement date is 03/13/2020, but until now it hasn’t been credited to my account yet. Any update on your maternity benefit? Has it been credited to your account already?
Maaga nga ang release of April pension…pero kinaltas agad yung pension loan….wala din silbi..sa panahon ng covid-19..