Social Security System (SSS) President and CEO Michael G. Regino announced Wednesday that retirees who borrow for the first time through the SSS Pension Loan Program (PLP) can deposit their online applications from May 30, 2022 on the My.SSS portal.
Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing is only available for renewal loan applications.
“We recognize the challenges faced by our retirees who travel to the SSS branch to avail of the retirement loan scheme. With the pandemic still present, retirees prefer that their transactions be carried out online at their respective homes. This online facility makes it easier for them to benefit from the said program as it also guarantees a faster approval process,” says Regino.
Regino is also urging retirees to take advantage of this low-interest SSS loan offer. He assures that SSS will not force them to pawn their ATM cards, unlike some private lending institutions.
The PLP was launched to help retirees meet their short-term financial needs by offering them a low-interest loan of 10% per annum. Qualified retirees can apply for a loan equivalent to 3, 6, 9 or 12 times their basic monthly pension plus the additional benefit of ₱1,000.00, but not exceeding the maximum amount of ₱200,000.00.
Further information on the retirement loan program and its terms and conditions can be accessed via this link https://bit.ly/3sKV1HA.