MANILA, Philippines – Members of the private sector and retirees of the Social Security System (SSS) in the six regions devastated by Typhoon “Odette” last week can benefit from loan assistance programs to be offered in January.
In a circular released last Saturday, SSS President and CEO Aurora Cruz-Ignacio said the state-run pension fund would start accepting requests for all three types of aid to be extended to those affected by ” Odette “on January 14 of next year. .
The calamity loan assistance program as well as the three-month retirement advance for social security (SS) and employee compensation (CE) retirees will be available until April 13, 2022.
The direct home repair and improvement loan, meanwhile, will be offered for a period of one year, or until January 13, 2023.
Ignacio said that SSS members and retirees in the following regions, which President Duterte has placed under a state of calamity for a year from December 21, can apply for loan and pension benefits: Mimaropa, Western Visayas , Central Visayas, Eastern Visayas, Northern Mindanao, and Caraga.
The SSS circular did not specify how much had been set aside for assistance packages.
Similar to its previous offerings in areas hard hit by natural disasters, disaster loan applications can be filed online, through the SSS website, by members with at least 36 monthly dues, of which six months would have due within the last 12 months. . Applicants should also not have any outstanding SSS loans.
The amount of the disaster loan will be equivalent to a monthly salary credit or the amount requested, whichever is lower. The loan will carry an interest rate of 10% per annum, payable within two years in 24 monthly installments.
SS retirees, disabled and surviving pensioners, as well as disabled and surviving CE pensioners can apply for a maximum of three months of early pension, as long as they do not have an existing pension loan.
“SS and CE retirees who have benefited from an early pension for previous calamities and whose pensions are still suspended can benefit from the three-month early pension for typhoon ‘Odette’, provided that the early pension does not exceed no time three months “, Reading of the SSS circular.
The SSS will also extend to its members a maximum loanable amount of Pula 1 million for the direct loan for home repair and / or improvement, subject to revaluation every five years. Home repairs will carry an interest rate of 8% per annum for loans below P 450,000 and 9% per annum above P 450,000.
The SSS will waive the 1% service charge for the Disaster Loan Assistance Program, as well as the processing fee for the Home Repair Loan.
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