SSS has extended the application for 2 of its ongoing loan condonation programs to May.
SSS — The Social Security System has extended by 3 more months (or until May) the application for 2 of its ongoing loan condonation programs in order to allow more borrowers, with delinquent payments as a result of the pandemic, to get relief.
SSS president and chief executive officer Aurora Cruz-Ignacio said in a circular issued last February 15 that the period to apply for the short-term member loan penalty condonation program was extended to May 14 from its original February 15 deadline.
Based on a report on Inquirer, the short-term member loan penalty condonation program will consolidate the total amount of an SSS borrower’s outstanding principal and interest accumulated from past due loans.
Settlement can either be through installments or a one-time full payment.
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Also on Tuesday, Ignacio said in another circular that the deadline to apply for the housing loan restructuring and penalty condonation program was moved to May 21 from the earlier February 22 cut-off date.
For the housing loan relief, the state-run pension fund now also allowed legal heirs and successors-in-interest who have yet to meet the required 12 successive contributions on top of a minimum of 24 monthly contributions to apply.
However, they will be eligible for a condonation without restructuring only.
The housing loan restructuring and penalty condonation program, according to a report, will condone all unpaid penalties upon full payment.
Also, the state-run pension fund offered 2 penalty-free condonation programs — the enhanced installment payment program and the social security (SS) contribution penalty condonation program — to employers who had been unable to remit their employees’ contributions amidst the harder times brought by the prolonged coronavirus pandemic.
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