The Social Security System (SSS) reminds qualified retirees-pensioners who wish to renew their loans under the Pension Loan Program (PLP) to submit their application online through the My.SSS member portal.
SSS President and CEO Aurora C. Ignacio said the online feature for PLP has been added to said portal since September 2020 in order to provide SSS retirees with a simpler and more secure channel to benefit. of the loan program.
The state pension fund said government-imposed community quarantine closures to stem growing infections from COVID-19 have limited the mobility of retired members and affected transactions with SSS branches, including applications PLP.
SSS said it disbursed 787.27 million pesos in retirement loans to 17,585 retirees from January to March 2021, which represents a drop of 43.8% and 44.1%, respectively. During the same period in 2020, PLP releases amounted to 1.4 billion pesos for 31,467 borrowers retiree-retirees.
“For most of the first quarter of 2020, those who would like to apply for the PLP can easily do so through our branches. But the first quarter of this year was a different story. Quarantine restrictions are being imposed to limit the spread of COVID-19, ”Ignacio said.
“We recognize the difficulty for those who would need to take advantage of the PLP. That is why we have worked on developing an online channel for such pension loan applications. In September 2020, we started the initial implementation of this online service on our My.SSS member portal. At present, however, new users must still submit their requests through our branches in accordance with the applicable service guidelines implemented there, ”she added.
SSS retirees-pensioners who meet the program eligibility requirements are qualified to use the PLP online application method. These include:
- 85 years or younger at the end of the month of their loan term;
- no deduction (outstanding loan balance, overpayment of benefits, etc.) from their monthly pension and existing early pension under the SSS Calamity Assistance Package;
- Holds a Unified Multipurpose Identification Card registered as an ATM card (UMID-ATM) or Union Bank of the Philippines (UBP) fast card as disbursement accounts; and
- receives a regular monthly pension for at least one month and the pension status is “Active”.
Excluded from the PLP are retirees-pensioners under the portability law and those under the care and custody of a guardian.
In addition, applicants who would use the online method must have a My.SSS account on the SSS website (www.sss.gov.ph), and a current and active mobile number registered with the SSS.
To apply, retirees-pensioners must log into their respective My.SSS account, access the Electronic Services tab, click on “Apply for a pension loan”, choose the amount and duration of their preferred loan, accept the terms and conditions of the program, submit their request and print or download the PDF copy of the disclosure statement.
They will receive an email confirming their application. The proceeds of the pension loan will be credited to their disbursement accounts within five business days.
“Those who can use the online application method for the PLP are mainly retirees-pensioners who have already taken advantage of the program who are already fully paid and whose disbursement accounts are UMID ATMs or UBP Quick cards,” he said. said Ignacio.
“However, we are continually expanding the PLP to include banks participating in the Philippine Electronic Funds Transfer System and Operations Network (PESONet) as disbursement channels so that more qualified retirees can benefit,” he said. -she adds.
Members, retirees, employers and the public are strongly urged to follow the minimum public health standards set by the government when doing business at SSS branches and offices.
The SSS launched the PLP in September 2018 to help retirees-retirees meet their short-term financial needs with a low-interest loan at 10 percent per year and help them avoid falling prey loan sharks. A one percent service charge is waived as a means of subsidizing the borrower’s credit life insurance (CLI) premium payment.
A qualified retiree-pensioner can benefit from a loan of up to three, six, nine or 12 times his basic monthly pension (BMP) plus an additional benefit of 1000 P granted in 2017, but not exceeding the maximum loan limit of 200,000 P. In addition, the net pension of the retiree-borrower should be at least 47.25%.
A pension loan of three and six times the pensioner’s BMP plus the additional benefit of P 1000 has a payment term of six and 12 months, respectively. On the other hand, a pension loan of nine or 12 times the BMP plus the additional benefit of P 1000 has a payment term of 24 months.
The first monthly repayment of the PLP will be due the second month following the granting of the loan.
For more information, follow the SSS on Facebook and YouTube on “Philippine Social Security System”, Instagram on “mysssph” and Twitter on “PHLSSS”, or join its Viber community on “MYSSSPH Updates”.