RETIREE-pensioners of the Social Security System (SSS) can now file their Pension Loan Program (PLP) applications online, the state-run pension fund announced.
In a statement on Saturday, the SSS said it added a new facility on its website to allow the online applications of PLP.
According to Aurora Ignacio, SSS president and chief executive officer, the new facility found under the E-Services tab of the My.SSS member portal at www.sss.gov.ph aims to provide retiree-pensioners with a safer, faster, and more convenient means of filing their pension loans.
“Through the SSS’ continuous digitalization efforts, the PLP was made available online since last Sept. 15, 2020. Qualified retiree-pensioners can easily apply for the program without visiting our branches, which is either difficult or restricted, particularly for senior citizens, because of the Covid-19 (coronavirus disease 2019) situation,” Ignacio added.
Retiree-pensioners who have met all the qualifying conditions of the PLP and have registered My.SSS web accounts, current and active mobile numbers, and disbursement accounts may avail of the SSS Unified Multi-Purpose Identification card enrolled as an automated teller machine (ATM) card or an SSS-issued Union Bank of the Philippines Quick Card.
To file a PLP application online, a retiree-pensioner must log in to his/her My.SSS account, proceed to the E-Services tab, click “Apply for Pension Loan,” choose the preferred loan amount and term, agree to the terms and conditions of the program, and print or download the PDF copy of the Disclosure Statement.
The SSS added that the retiree-pensioner will receive an email confirmation of his/her pension loan application. Pension loan proceeds are credited to the retiree-pensioners disbursement account within five working days.
Under the PLP, retiree-pensioners may opt to avail of a loan of three, six, nine, or 12 times their basic monthly pensions plus the P1,000 additional benefit granted in 2017, but not exceeding the maximum amount of P200,000, it said.
To qualify for the PLP, the retiree-pensioner must be 85 years of age or below at the end of the month of his/her preferred loan term; must have no deductions, such as outstanding loan balance, benefit overpayment payable to the SSS, etc. from his/her monthly pension; must have no existing advance pension under the SSS Calamity Assistance Package; and must be receiving his/her regular monthly pension for at least one month and his/her status of pension is “active”.