MANILA (PNA) — The Trade Union Congress of the Philippines (TUCP) urged on Wednesday the Social Security System (SSS) to immediately give back to its member-borrowers some P980 million in individual loan over-payments.
“It is not right for the SSS to keep the money. Best governance practices compel the pension fund to promptly return the money to member-borrowers who were unfairly overburdened by excessive salary deductions,” said TUCP secretary-general and former Senator Ernesto Herrera.
“In fact, the SSS should return the money plus a reasonable interest,” added Herrera, former chairman of the Senate committee on labor, employment and human resources development.
Herrera was reacting to a Commission on Audit (COA) report that the SSS over-collected an aggregate of P979.49 million in salary, educational, calamity, job separation and emergency loan repayments from a total of 2,191,005 individual member-borrowers.
“It is not fair for the SSS to hold on to the over-payments indefinitely. The money does not belong to the SSS. The funds rightfully belong to the member-borrowers,” Herrera said.
The over-payments translate into a simple average of P447 per member-borrower.
“The simple average returnable amount per member-borrower may not be that large. Nonetheless, what is important is the act of actually returning the money to the member-borrowers,” Herrera pointed out.
The COA report also noted that refunds other than those for death, disability and retirement benefit over-deductions were being made by the SSS only upon receipt of a formal request from the member.
Herrera said the SSS should, on its own accord, refund any extra deduction, without having to wait for a written request from the member.
“In fact, the SSS should inform in writing every member-borrower of any over-payment, and specify the exact amount overpaid,” said Herrera, a former SSS commissioner representing the labor sector.
“If the SSS can send the refund check together with the overpayment notice, then so much the better,” Herrera stressed. –Manila Bulletin
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