SSS condonation program set to end

MANILA, Philippines - The Social Security System (SSS) said its loan penalty condonation program ends on March 31, 2013.

As such, it issued a reminder to beneficiaries of members who passed away since April 2, 2012 and who have still not filed for an SSS death benefit claim that the program would soon come to an end.

Under situation B of the condonation program that was implemented in 2012, beneficiaries of deceased member-borrowers with unpaid loans who will file for death claim within the period of April 2, 2012 up to the last working day of March 2013 can avail themselves of loan penalty condonation, the SSS said.

Furthermore, only the outstanding loan would be deducted from the death benefit claim.

If they avail of the program, 100 percent of the accumulated penalties will be condoned or written off.

“However, the beneficiaries must file the death benefit claim and apply for condonation on or before March 31, 2013. After that date, the condonation program is officially ended, the SSS said yesterday.

The loan penalty condonation program for individual members, which ran from April 2 to Sept. 31, 2012, differed from other condonation programs that SSS offered in the past, the agency said.

This is because the terms and requirements depended on the situation of the member-borrower. The percentage of the penalty written off varied, depending on the reason behind the delinquency. – With Zinnia dela Peña