Saturday, July 19, 2014

GOOD NEWS | SSS offers special salary loan renewal, house repair loans to 'Glenda' victims

The Social Security System (SSS) is offering victims of Typhoon 'Glenda' a chance to renew their salary loans and house repair loans or advance their pensions to be able to pay for basic necessities following the disaster.
In a statement, the state-run pension fund said the calamity relief package is available to members in areas declared under state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC). As of 18 July 2014, these include:
·        Albay
·        Camarines Sur
·        Samar
·        Laguna
·        Naga City
·        Obando, Bulacan.

“This relief assistance was set up to help our members in urgent need of funds during these times. They can use their loan proceeds and advance pensions for food, safety water, and medicines, and to pay for other expenses resulting from the damages caused by Typhoon Glenda,” said SSS Vice President May Catherine Ciriaco.

What are in the relief package?
1. Salary Loan Early Renewal Program (SLERP), which allows existing borrowers in affected areas to renew their salary loans ahead of the prescribed period under the regular loan guidelines.
·        Members with sanctions on loan renewal due to their availment of the SSS Loan Penalty Condonation Program are also allowed to apply for SLERP, as long as they live or work in a declared calamity area. 
·        SSS will also waive the one-percent service fee charged on new and renewed salary loan applications. The same eligibility requirements, interest rate, and repayment terms on salary loans will still apply.

2. Qualified SSS pensioners can also advance three-month's worth of pension by:
·        submitting an application form duly certified by the Barangay Chairman. 
·        they can also attach a certification issied by the barangay chairman, the Department of Social Welfare and Development or the NDRRMC proving that they reside in the typhoon-affected areas.
·        the pension fund will only accept applications that do not have these certifications if the pensioner's given address is within an officially declared calamity area and is also found in the SSS database.
·        Regular release of pensions will automatically resume right after the three-month period covered by the advance payments.

3. Cut the interest rates for the SSS Direct House Repair and Improvement Loan to six-percent per annum and waiver of service fee.

Deadline of submission of applications under the SSS calamity relief package is on October 31, 2014, except for the Direct House Repair and Improvement Loan, which is up to one year from issuance of its SS Circular. Application forms are available at SSS branches or may be downloaded from the SSS website.

For SSS members residing in affected areas not yet officially declared in state of calamity, the SSS will update them through a media advisory as soon as the NDRRMC has completed its assessment of damage.

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