SSS Now Sends Messages To Members Who Availed Loans
SSS – The Social Security System sends text messages to the borrowers of loans for reminders of the due dates.
In the Philippines, millions of people are members of the Social Security System or more popularly called SSS. It is a state-run social insurance entity that is operating in the country for several decades now since 1957.
The SSS member populace is composed of individuals coming from different walks of life. Most of these individuals are locally-employed Filipinos in the private sector and self-employed individuals.
Meanwhile, the SSS membership is open not only for the salaried and non-salaried individuals but as well as voluntary members like the non-working spouses of SSS members. It is also open for overseas Filipino workers (OFWs).
To maintain an active account to the Social Security System, SSS members must regularly post monthly contributions to the social insurance agency. The rates vary depending on the amount earned by a member as well as the nature of the source of income.
SSS members who regularly post contributions to the state-run social insurance agency may qualify to the different SSS benefits and loans. Here is a list of the benefit offers of the state-run social insurance agency:
- Sickness Benefit
- Maternity Benefit
- Disability Benefit
- Retirement Benefit
- Death Benefit
With regards to the loan offers of the Social Security System, it offers the SSS Salary Loan, the SSS Housing Loan, and the SSS Calamity Loan which come with different features. Here are the qualifications under each loan offer:
Salary Loan
- currently employed, self-employed, or voluntary member of the Social Security System
- must have posted at least 36 monthly contributions in the account
- employer must be updated in the payment of the contributions
- has not received any final benefit
- 65 years old and below at the time of the loan application
- has not been disqualified due to fraud
Housing Loan
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the state entity or NHMFC
- not been granted final benefits
- borrower and spouse is updated in the payment of their other
Calamity Loan
- residing in an area declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC)
- registered on the My.SSS portal
- has posted at least 36 monthly contributions
- has not availed of final benefits
- has no outstanding balance in CLAP or the SSS Loan Restructuring Program (LRP)
Recently, the Social Security System announced that it is now sending text messages to its loan borrowers as reminders for their loan dues. It is one way to help the members avoid incurring big penalties.
According to the state-run social insurance agency, if the loan remains unsettled for more than five years, the incurred penalties will go above the principal amount and interest.