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SSS to release benefit payouts through banks

STATE-RUN Social Security System (SSS) will no longer disburse benefit payouts to its members through checks, the pension fund announced on Friday.

In a statement, SSS President and Chief Executive Officer Aurora Ignacio said lump sum disability, death and retirement benefits, including the Employees’ Compensation disability benefit, which were previously released through checks, are now mandatorily released through banks.

“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,” she explained.

The pension fund also said lump sum benefit payments are remitted by the SSS to the member or claimant’s account in their preferred SSS-accredited bank under the program.

It reminded members that it has 67 SSS-accredited paying banks. These include Asia United Bank Corp., Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Co. and Union Bank of the Philippines.

A qualified member or claimant for any of the said benefit programs will now be required to present to the SSS a bank document with his/her name.

Bank documents that may be presented are any of the following: a single savings account passbook; automated teller machine (ATM) card with name and account number; validated initial deposit slip or copy of bank certificate/statement if the name of member or claimant and/or savings account number is not indicated in the ATM card; or an accomplished Visa cash card enrolment form.

The bank certificate or statement shall be duly signed by the bank’s authorized signatory and shall contain the complete name of the member or claimant, savings account number, and the bank’s branch name and complete address.

“Members or claimants may also use their Unified Multipurpose Identification (UMID) card if it is enrolled as an ATM. These are UMID cards issued with EMV chips,” Ignacio said.

For members or claimants with no single savings account, SSS said it would issue them a letter of introduction for them to present to their chosen accredited bank.

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