Warning: Attempt to read property "post_title" on null in /www/businessmirror_145/public/wp-content/plugins/better-image-credits/better-image-credits.php on line 227
IN a recent conversation with some of my senior citizen colleagues, they were talking about the government’s guidelines for restricting those 60 years old and above to go out of their respective homes amid the current Covid-19 pandemic.
They said they have missed a lot of gatherings, celebrations, and day-to-day activities that they can freely do before the pandemic.
I understand their situation since I also miss those times when I can freely go to the mall or meet with friends. However, for me, it is best to follow these imposed restrictions as we are considered high-risk individuals. Staying at home for a long period of time may be monotonous and routinary, but then, who would want to be confined in a hospital, intubated, and separated from our loved ones if we have contracted this disease? Of course, no one would like that.
But while the pandemic put a halt to many things, financial expenses is not one of them. One might even need to spend more than his/her usual monthly budget for necessities such as facemasks, face shields, vitamins, medicines, and others.
This could be the case for many Filipinos.
The Social Security System (SSS) have programs that are designed to respond to such situations where our members and pensioners need assistance for their immediate financial needs. In this column, allow me to discuss our program for SSS retiree-pensioners.
Launched in September 2018, the SSS Pension Loan Program (PLP) aims to provide economic assistance to qualified retiree-pensioners through a low-interest loan.
Since senior citizens are restricted to go out, effective September 15, 2020, the SSS has made available the online filing for the PLP to allow qualified retiree-pensioners to file their PLP applications, in the safety of their homes, through the My.SSS member portal at www.sss.gov.ph.
This too is part of the SSS’ continuous digital transformation efforts geared towards providing its members with simpler, faster, and more convenient means of availing its services.
To qualify for online filing, pensioners should have the following:
- A My.SSS account (to facilitate the online filing);
- A current and active mobile number;
- A disbursement account registered with the SSS that may be a Unified Multi-Purpose Identification card enrolled as an ATM card or an SSS-issued Union Bank of the Philippines Quick Card (disbursement of pension loans through
PESONet participating banks is not yet available); - 85 years of age or below at the end of the month of their loan term;
- No deductions, such as outstanding loan balance, benefit overpayment to the SSS, etc. from monthly pension;
- No existing advance pension under the SSS Calamity Assistance Package;
- Receiving their regular monthly pension for at least one month, and the status of pension is “Active;”
- Not a retiree-pensioner under the Portability Law or under the care and custody of a guardian and is not receiving monthly pensions through checks.
In most cases, those who are eligible for the online application of pension loans are those who have previously availed of the program, are already fully paid and have been issued UBP Quick Cards.
If they met these conditions, they may file their PLP applications online through these five easy steps:
1. Log in to their respective My.SSS accounts;
2. Proceed to the E-services tab and click “Apply for Pension Loan;”
3. Choose their preferred loan amount and term;
4. Agree to the terms and conditions of the program and submit their application; and
5. Print or download the PDF copy of the Disclosure Statement.
They will receive an e-mail confirmation of their applications. Pension loan proceeds will be credited to their disbursement accounts within five working days.
Through the PLP, qualified-retiree pensioners may avail themselves of a loan of three, six, nine, or 12 times their basic monthly pension (BMP) plus the P1,000 additional benefit, granted in 2017, but not to exceed the maximum loan amount of P200,000.
Pension loans of three and six times the pensioner’s BMP plus the P1,000 additional benefit have a payment term of six and 12 months, respectively. On the other hand, both pension loans of nine and 12 times the BMP plus the P1,000 additional benefit have a payment term of 24 months.
The first monthly amortization for the PLP will be due on the second month after the loan was granted. Amortizations are deducted from the retiree-pensioner’s monthly pension.
The SSS ensures that the borrower, in his/her preferred loan amount and term, will still have a net take-home pay of at least 47.25 percent of his/her BMP, including the additional P1,000 benefit.
The PLP has an interest rate of 10 percent per annum. All pension loan borrowers are covered by a Credit Life Insurance where the premium is deducted from the pension loan proceeds.
As of September 30, 2020, we have released P5.58 billion to 150,466 borrowers under the PLP.
Our work at SSS does not stop here as we continue to provide our members and pensioners with services attuned to the present times, whenever and wherever they need their SSS benefits. As I was explaining to a close friend, it pays to be a senior citizen, now more than ever.
Stay safe and well everyone!
Aurora C. Ignacio is SSS president and chief executive officer.
We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss.gov.ph for topics that you might want us to discuss.
1 comment
Up to now, I have not received yet my lumpsum for my Retirement Claim Application since dropping it off last July 7, 2020 at SSS Paranaque. Then, I was asked to present my original documents last September 4 and was told to wait for 2 to 3 weeks. Then, I e-mailed twice, but the reply was the same ” It is still with the Approving Officer”. How long will my application stays at his/her table?