SSS Pensions Update

“Money is a terrible master but an excellent servant.”

-P. T. Barnum-

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Online Application for SSS Pension Loan now available

This photo was taken from: Facebook: Philippine Social Security System – SSS

Good news, Kabayan! The Social Security System has added a new feature to its website that allows retirees to submit Pension Loan Program (PLP) applications online. SSS President and CEO Aurora C. Ignacio have said that the new facility, listed under the E-Services section of the My.SSS member portal at www.sss.gov.ph intends to provide retiree-pensioners with safer, faster, and more efficient ways of filing their pension loans. The SSS is working to include participating banks in the Philippine Electronic Fund Transfer System (PEFTS) and Operations Network (PESONet) as PLP disbursement platforms.

“Through the SSS’ continuous digitalization efforts, the PLP was made available online since last September 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 situation,” Ignacio stated.

SSS to release pensions via PESONet and checkless disbursement channels’ announces revised monthly schedule of pension releases

This photo was taken from: Philippine Social Security System – SSS

Another good news, Kabayan! SSS announces an updated monthly schedule of pension releases thru PESONet and checkless disbursement platforms. The SSS and the Development Bank of the Philippines (DBP) collaborated to speed up the distribution of monthly pensions to pensioners’ accounts and reduce check disbursements.

Regular pensions will be disbursed via DBP’s disbursement facility, which includes the PEFTS and Operations Network (PESONet) and DBP-accredited Remittance Transfer Companies (RTCs)/ Cash Payout Outlets, beginning in October 2020. (CPOs).

Pensioners can choose to accept their monthly pensions via any accounts in any PESONet participating bank and e-wallet such as GCash or PayMaya, or via a cash pick-up arrangement through DBP Cash Padala via M Lhuillier, using the aforementioned disbursement system.

On the other hand, SSS released the revised schedule of monthly pension released. In the said circular, it was stated that PESONet and other checkless channels will be used as disbursement methods. It was also stated that monthly pensions will be credited every 1st day of the month to pensioners whose date of contingency is from the 1st to the 15th day of the month. Meanwhile, pensioners whose date of contingency falls from the 16th up to the last day of the month will receive their monthly pensions every 16th day of the month. However, if the release date falls on a weekend or a holiday, the monthly pension will be received on the last working day.

Through this news update from SSS, it highlights the effect of having long-term savings through SSS’ programs. It allows the member-savers to save for their future. Through savings, the SSS members are ensured that in times of financial difficulties, they have funds to assist them.