SSS Pension Loan Got Increased Loanable Amount for Pensioners
SSS PENSION LOAN – The Social Security System increased the loanable amount under its Pension Loan offer for the pensioners.
In the Philippines, one of the turn-tos of many people most especially those who are working in private companies is the Social Security System. Most commonly called as SSS, it is one of the giant social insurance company ran by the government.
The members of SSS are mostly employees in private companies and self-employed individuals. It is also open for voluntary membership. Most people really apply for SSS membership to secure their future.
SSS got a lot of member benefits from sickness benefits to death and funeral. Also, it has several loan offers – the SSS Pension Loan being one of them.
Based on a report on ABS-CBN News, previously, the loanable amount under the SSS Pension loan is at Php 32,000.00. Recently, the social insurance institution has increased the amount that you can borrow under the said loan offer.
According to SSS Executive Vice President for Investments Rizaldy Capulong, pensioners may now borrow up to Php 200,000.00. The good news is along with the launching of the Enhanced Pension Loan Program during the Pensioner’s Day.
Based on the report, Capulong also added that payments can now be made for up to two(2) years or twenty-four(24) months. Previously, it has to be paid within a year.
The social insurance institution has also made changes on the eligibility requirement when it comes to age. Previously, the oldest pensioner who is allowed to borrow money under the SSS Pension Loan is 80 years old. The limit was moved to 85 years old.
Reportedly, the new program launched can be availed starting next week. It is undeniably a good news for the elder ones.
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