SSS opens online application for retiree pension loan
Social Security System (SSS) retirees can now apply for the Pension Loan Program (PLP) online, the public pension fund has announced.
In a statement on Saturday, the SSS said it had added a new feature to its website to enable online applications from PLP.
According to Aurora Ignacio, President and CEO of SSS, the new facility found under the E-Services tab of the My.SSS member portal at www.sss.gov.ph aims to provide retirees with more access safer, faster and more convenient ways to deposit their retirement loans.
“Thanks to the continuous digitization efforts of the SSS, the PLP has been available online since September 15, 2020. Qualified retirees can easily apply for the program without visiting our branches, which is difficult or restricted, especially for seniors, due to the Covid-19 (coronavirus disease 2019) situation,” added Ignacio.
Pensioners-Retirees who have met all PLP eligibility requirements and have registered My.SSS web accounts, current and active mobile phone numbers and cash-out accounts are eligible for the SSS Unified Multi-Purpose ID Card registered as an automated teller machine (ATM). ) or a Union Bank of the Philippines fast card issued by SSS.
To apply for a PLP online, a retiree-pensioner must log in to their My.SSS account, switch to the E-Services tab, click on “Apply for a pension loan”, choose the loan amount and duration preferred, agree to the program terms and conditions, and print or download the PDF copy of the disclosure statement.
The SSS added that the retiree-retiree will receive an email confirmation of their application for the pension loan. Pension loan proceeds are credited to the disbursement account of retirees-pensioners within five working days.
Under the PLP, pensioners-retirees can choose to receive a loan of three, six, nine or 12 times their basic monthly pension plus the additional benefit of 1,000 pesos granted in 2017, but not exceeding the amount maximum of 200,000 pesos, it said.
To qualify for PLP, the pensioner-retiree must be 85 years of age or younger at the end of the month of their preferred loan term; must not have any deductions, such as outstanding loan balance, overpayment of benefits payable to SSS, etc. his monthly pension; must not have an existing early pension under the SSS Calamity Assistance Package; and must have been receiving their regular monthly pension for at least one month and their pension status is “active”.