CLARK FREEPORT -- The Social Security System (SSS) is now offering its Pension Loan Assistance Program for retirees.
This was disclosed on Wednesday, November 7, by Gloria Corazon Andrada, SSS Central Luzon 2B head during the monthly media forum of the Pampang Press Club and Widus Hotel and Casino dubbed Talk Widus.
"The SSS nationwide has rolled out Pension Loan Assistance Program for retirees. We all know that our pensioners go to different lending institutions for emergency expenditures like the tuition fees of their grandchildren and others," Andrada said.
SSS initiated a loan program for retirees which may reached double of the value of their monthly pensions or up to P32,000, according to the SSS officer.
Andrada however clarified that only pensioners aging 80 and below are qualified in the new SSS loan program.
Retirees who are interested to avail of the loan should personally visit any SSS branches nationwide, she added.
During the media forum, Andrada also bared the agency's extended loan restructuring program which will end April 1, 2019.
The restructuring program is open to SSS members with outstanding loan balances, she said.
"All of those short term loans like salary loans, calamity loans are covered by the program," Andrada added.
Members, who will avail of the loan restructing program, may pay at once or installment within five years, she said.
SSS members will have to pay a penalty of one percent per month or 12 percent per year, Andrada added.