SSS PHILIPPINES ONLINE

I have seen the dilemma of senior citizens trying to fall in the long line in bank ATM machines a couple of weeks ago while paying for my credit card bill. The reason when I asked one senior citizen is because of over delayed reflection of their SSS pension. According to one senior citizen, the purpose of their expected cash is for medical and treatment but since the delay caused so much distress and possible exposure of senior citizens to the pandemic Covid-19 virus, fear quickly spread. – SSS Philippines

Reason for SSS Pension Delay this October

So I decided today to seek for information as to why the delay this October for the pension of senior citizens in their SSS pension fund. I found out there were problems with the Social Security System but it is not disclosed why. In my opinion, this is due to lack of funds and other internal problems. It turned out today that there is a new proposal program to digitalize the distribution of SSS pension via the PESONet.

News says that this October will start a new beginning for SSS pensioners and hopefully make it easier for our old people to get their pension in a manner where less exposure is possible. Another purpose of this is to eliminate if not to avoid the delay of crediting the pension cash fund to senior citizens so they can use it for buying medicines and treatment of various health concerns.

According to a report posted in the ABS-CBN website:

“Starting October 2020, regular pensions will be released through the DBP’s disbursement facility via the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and DBP-accredited remittance transfer companies/cash payout outlets, the state-run pension fund said in a statement.”

“Pensioners can choose to receive their monthly payout through their accounts in any PESONet participating bank and e-wallet provider such as PayMaya or arrange cash pick-up via DBP cash padala through M Lhuillier, the SSS said in a statement.”

|Source: ABS-CBN New Report

“To receive pensions through PESONet participating banks, pensioners must enroll their respective single savings accounts to the SSS. For e-wallets, they must enroll their mobile number linked to their account, while for RTC/CPO, they must also register their mobile number where they prefer to receive the reference number,” the SSS said. 

“The SSS said pensioners would be notified of the changes through their registered email or mailing address.

Members can check the list of PESONet participating banks on the official website of the Bangko Sentral ng Pilipinas. 

Members can reach out to SSS branches in local and foreign offices or the SSS branches tab on its mobile app.”

To qualify for online filing, pensioners should have the following:

• A My.SSS account (to facilitate the online filing);
• A current and active mobile number;
• A disbursement account registered with the SSS that may be a Unified Multi-Purpose Identification card enrolled as an ATM card or an SSS-issued Union Bank of the Philippines Quick Card (disbursement of pension loans through
  PESONet participating banks is not yet available);
• 85 years of age or below at the end of the month of their loan term;
• No deductions, such as outstanding loan balance, benefit overpayment to the SSS, etc. from monthly pension;
• No existing advance pension under the SSS Calamity Assistance Package;
• Receiving their regular monthly pension for at least one month, and the status of pension is “Active;”
• Not a retiree-pensioner under the Portability Law or under the care and custody of a guardian and is not receiving monthly pensions through checks. – source: https://businessmirror.com.ph/2020/10/06/digitalizing-the-sss-pension-loan-program/

In most cases, those who are eligible for the online application of pension loans are those who have previously availed of the program, are already fully paid and have been issued UBP Quick Cards.

If they met these conditions, they may file their PLP applications online through these five easy steps:

1.  Log in to their respective My.SSS accounts;

2.  Proceed to the E-services tab and click “Apply for Pension Loan;”

3.  Choose their preferred loan amount and term;

4.  Agree to the terms and conditions of the program and submit their application; and

5.  Print or download the PDF copy of the Disclosure Statement.

They will receive an e-mail confirmation of their applications. Pension loan proceeds will be credited to their disbursement accounts within five working days.

Through the PLP, qualified-retiree pensioners may avail themselves of a loan of three, six, nine, or 12 times their basic monthly pension (BMP) plus the P1,000 additional benefit, granted in 2017, but not to exceed the maximum loan amount of P200,000.

Through the PLP, qualified-retiree pensioners may avail themselves of a loan of three, six, nine, or 12 times their basic monthly pension (BMP) plus the P1,000 additional benefit, granted in 2017, but not to exceed the maximum loan amount of P200,000.

Through the PLP, qualified-retiree pensioners may avail themselves of a loan of three, six, nine, or 12 times their basic monthly pension (BMP) plus the P1,000 additional benefit, granted in 2017, but not to exceed the maximum loan amount of P200,000. – source: https://businessmirror.com.ph/2020/10/06/digitalizing-the-sss-pension-loan-program/

Tags: no more checks, pesonet, sss news, sss pension digitalization