Social Security System (SSS) relaxed its Pension Loan Program eligibility requirements. It now allows the retirees who just received at least one month posted regular pension to be eligible for the loan.
SSS Chief Executive Officer and President Emmanuel F. Dooc shared that SSS continues to find ways to give financial assistance to its pensioners. It will be remembered that the Pension Loan Program was introduced in line with the celebration of SSS’ 61st anniversary last September 2018. This is to help the pensioners fall victim to loan sharks who charge steep interest rates on short term loans.
Many pensioners have shared that they needed the loan for their medications and short term needs. To address this, SSS created the Pension Loan Program. However, at that time, only those who have received at least six months posted regular pension can apply. Now, once the pensioner received the first pension, he or she can start applying for the pension loan.
Add to that, SSS also adjusted their requirement. PLP applications now allow the use of other government-issued identifications aside from the Unified Multi-Purpose Identification (UMID) and the Social Security Card for proper identification.
Pension Loan Program applicants can now use their Passport, National Bureau of Investigation (NBI) Clearance, Postal Identity Card, Driver’s License issued by LTO, License to Own and Process Firearms, Firearm Registration, Seafarer’s Identification and Record Book, Alien Certificate of Registration issued by Bureau of immigration, and Voter’s ID as proof of identification.
Related: SSS pension loan started
PLP has a fixed interest rate of 10% per annum. Pensioners can choose to repay their loans in three, six, or 12 months. The payment is automatically deducted from their pensions to eliminate payment hassles. In addition, SSS do not charge any service fee. Pensioners are just required to pay the one-time insurance fee to protect the beneficiaries in case of untoward incidents happen and the loan it still yet to mature.
The maximum amount pensioners can borrow is equivalent to six (6) times the monthly pension but not exceeding Php 32,000. (SSS.gov.ph)