Member-borrowers with past due short-term loans may apply for the Social Security System’s penalty condonation program via online using their My.SSS accounts starting Nov. 15 up to Feb. 14, 2022.
The Short-Term Member Loan Penalty Condonation Program (STMLPCP) is part of the pandemic relief and restructuring programs being offered by SSS.
Included in the 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.
Qualified to apply are members with short term member loans that are past due for at least six 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,” SSS President and Chief Executive Officer Aurora Ignacio said.
Other terms and conditions under the loan penalty condonation can be viewed in SSS Circular No.2021-014 which can be accessed through this link https://bit.ly/3GEzwhf. – Press release
