CEBU, Philippines – Newly hired employees of private establishments should inform their new employers if they have pending loans with the Social Security System (SSS) so as not to cause problems to their fellow workers in the future.
Aside from the regular SSS members with delinquent loan, those self-employed or voluntary-paying members are also encouraged to apply for a loan amnesty program if they failed to settle their obligations.
The SSS is offering a penalty condonation program for unremitted or delinquent loan amortizations of employees for six months until on June 30, 2011. But the program will only apply to penalties for unremitted or delinquent loan amortizations due on or before April 1, 2010.
While the employers, through their representatives, countersigned the loan applications of their employees, many of them did not know their obligations.
Some employers failed to require their new employees to submit certifications from the SSS confirming that they do not have pending loan obligations.
Because of the unpaid loans, which already reached billions of pesos, the SSS decided to stop granting loans to members working in companies with unsettled loans. However, it extended the amnesty deadline to June 30.
The SSS urged members to remind their employers of the deadline as this will be an opportunity for them to clean their records. Once their loan records are updated, employees can apply for short-term member loans.
Loans are charged 10 per cent interest annually for a term of two years and a one per cent penalty for overdue payments. Unpaid loans also incur continuing interest and penalties. (FREEMAN NEWS)
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