Need rainy day funds but not working anymore? You can still avail of loans from Social Security System.
The agency is reminding members that some monetary assistance can still be availed of especially this typhoon season.
Normi Cruz, SSS Angeles City Branch Head, said that salary and pension loans can help stem the tide for those who may need some emergency funds.
Cruz made the remarks during News@Hues, a media forum of the Pampanga Press Club as supported by Park Inn by Radisson Clark. She was joined in the discussion by Vice President-Luzon Central 2 Division Gloria Andrada.
She clarified however that salary loan can only be availed by members who have had “qualifying contribution” or a remittance of at least six months worth of contributions within the past year.
On pension loans, a member-pensioner can avail up to a maximum of ₱200,000. She said that the loan is “self-liquidating” where 60 percent of the loan would be collected from the monthly pension amount as payment for the loan. The remaining 40 percent is retained as part of the pension.
The SSS executives reminded members who have arrears in their current calamity and salary loans to avail of an on-going condonation program where penalties could be written off.
For her part, Andrada said that the agency will start rolling out releases for the increase in pensions by September 1 this year.
Under its Pension Program, retirement and disability pensioners will receive a 10% annual increase in their monthly pension starting next month. The adjustments will cover the next three years or until 2027.
The maximum retirement pension will grow from ₱22,137.25 to ₱29,464.68 while the minimum of ₱2,200 will rise to ₱2,928.20. For disability pension, the average pension of ₱4,963.70 will increase to ₱6,606.68.
