SSS bares new loan condonation program-A A +A
Friday, November 4, 2011
THE Social Security System (SSS) is set to offer its condonation program anew, SSS president Emilio de Quiros said during the Kapehan sa SSS at the Royal Mandaya Hotel Friday.
The official said they are offering the program to allow members to settle their unpaid salary loans.
De Quiros said President Benigno Aquino III has approved the loan penalty condonation program last October 13.
"This time the terms would be more equitable in consideration to borrowers who have paid their obligations on time," he said.
De Quiros said as of the present, they are still finalizing the guidelines for its implementation. He said the agency aims by January 2012, SSS members will be able to benefit from the program.
However, the amount due will also depend on the reasons why a member was delinquent with his loan.
This is not the first time that the agency offered its condonation program. Last year, the agency also offered the program to all delinquent employers and members.
De Quiros is hopeful that delinquent members will avail themselves of the program, which will be of great help to them.
The amount of condonable penalties would now vary depending on the reason behind the member's loan delinquency.
Members filing for total disability or retirement claims will have 50 percent of their penalties condoned, with the balance taken out from their benefits.
However, borrowers who neglected to pay even once are not covered by the program.
Davao City is the home of the SSS Southern Mindanao Division, which supervises operations in Davao del Norte, Davao del Sur, Davao Oriental, Surigao del Sur, North Cotabato, Compostela Valley, Maguindanao, South Cotabato, Sultan Kudarat, and Sarangani.
The Southern Mindanao Division oversees more than 56,000 registered employers and around 2 million SSS members. (With PIA)
Published in the Sun.Star Davao newspaper on November 05, 2011.