SSS member-borrowers with past due short-term loans can now apply for the Social Security System’s (SSS) Penalty Condonation Program starting November 15, 2021 until February 14, 2022. Members only have to login to their My.SSS accounts to avail of the loan condonation program.
SSS President and Chief Executive Officer Aurora C. Ignacio said that the Short-term Member Loan Penalty Condonation Program (STMLPCP) is part of the Pandemic Relief and Restructuring Programs being offered by the SSS.
“We continue to respond to the needs of our members who were greatly affected during this pandemic. Through the STMLPCP, SSS offers conditional loan condonation by waiving their accumulated penalties once their loan principal and interest are fully paid.” Ignacio said.
Included in the loan condonation program are those with outstanding Salary, Calamity, Salary Loan Early Renewal Program (SLERP), Emergency Loans and Restructured Loan under the Loan Restructuring Program (LRP) implemented in 2016 to 2019.
The following members are eligible to apply for the program:
- Members with short term member loans that are past due for at least six (6) months as of the first day of the condonation availment period;
- Members who have not been granted any final benefit such as permanent total disability or retirement;
- Members who have not been disqualified due to fraud committed against the SSS;
- Members who will file their final benefits application for permanent total disability or retirement, whose contingency date is on or before the last day of the availment period of the condonation program;
- Heirs or beneficiaries of deceased member borrowers who will file the death benefit application, whose contingency date is on or before the last day of the availment period of the condonation program; and
- For member-borrowers who will pay their consolidated loan under installment basis, their age must be under 65 years old at the end of the installment term.
“We encourage our member-borrowers to avail of our short-term member loan condonation program. With this program, they can update their loans and avoid further accumulation of penalties,” Ignacio added.
Other terms and conditions under the loan penalty condonation program can be viewed in SSS Circular No.2021-014.