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members here's the guidelines for the condonation:

CIRCULAR NO. 20-P

 

 

 

TO: ALL SSS MEMBERS

 

SUBJECT: Condonation of Penalties on Delinquent Short-term Member Loans (Salary, Calamity, Emergency, Educational, Study Now Pay Later Plan, Vocational/Technical Student and Y2K Loans)

 

Pursuant to Social Security Commission (SSC) Resolution No. 451 dated 21 July 2004 (which was approved by the Office of the President of the Philippines on 05 August 2004), the guidelines for the condonation of penalties on delinquent short-term member loans are:

 

WHO ARE QUALIFIED TO APPLY FOR PENALTY CONDONATION

 

Borrowers who are delinquent in the payment of their monthly loan amortizations as of 30 September 2004.

 

WHAT ARE THE TERMS AND CONDITIONS

 

 

Availment period is from 01 October 2004 to 30 September 2005.

 

Payment of arrears (outstanding principal and interest) may be made in partial or in full during the availment period.

 

The amount of penalties to be condoned is proportionate to the amount of arrears paid. For example, if all arrears are paid, then all corresponding penalties are condoned. If only 50% of arrears are paid, then only 50% of penalties are condones. The remaining arrears will continue to accumulate penalties.

 

If the remaining arrears are subsequently paid during the availment period, the accumulated penalties are condoned.

 

Borrowers shall be allowed to apply for short-term member loans only after two (2) years from the date of the last payment made within the condonation period.

 

A borrower who pays at least P500 will be eligible to participate in the Delinquency Assistance Program.

 

Mechanics of the Program:

 

 

Four hundred (400) delinquency assistances at P5,000 each shall be raffled off to borrowers who avail of the condonation program.

 

The borrower is entitled to one (1) raffle entry for every P500 payment to be assigned by a computer-generated system.

 

A borrower can only win twice for the entire condonation period.

 

One hundred (100) winners of P5,000 each will be drawn each quarter.

 

The prize shall be applied to the borrower's loan balance, if any; the excess shall be paid to the borrower.

 

SSS employees may avail of the condonation program but shall be disqualified to participate in the quarterly draws.

 

HOW TO AVAIL OF THE CONDONATION PROGRAM

 

 

Borrower shall fill-up an Application for Penalty Condonation Form.

 

Borrower shall be issued Statement of Account (SA) and Payment Return Form (ML-1) stamped "With Application for Condonation of Penalty" on both documents.

 

Copy of proof of payments (SBR & ML-1) shall be submitted to the nearest SSS Branch to facilitate posting.

 

 

 

Please be guided accordingly.

 

 

 

(sgd.)

CORAZON S. DE LA PAZ

President and Chief Executive Officer

 

3 September 2004

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about the condonation, meaning, may interest pa rin na babayaran di ba? penalties lang ang wala. tama ba ko, izzecoh? akala ko kse, yung principal amount lang ang pwedeng bayaran eh.

 

honga pala, pa-favor naman, baka pwede mo naman i-check kung sino ang dependents sa SSS namin. nung nag-file kse kami ng hubby ko para sa SSS number namin, single pa kami eh...PM ko na lang sa yo SS # namin ha. sabi kase sa buendia branch, i need to go to the main office pa para ma-verify ito...

 

thanks!

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about the condonation, meaning, may interest pa rin na babayaran di ba? penalties lang ang wala. tama ba ko, izzecoh? akala ko kse, yung principal amount lang ang pwedeng bayaran eh.

 

honga pala, pa-favor naman, baka pwede mo naman i-check kung sino ang dependents sa SSS namin. nung nag-file kse kami ng hubby ko para sa SSS number namin, single pa kami eh...PM ko na lang sa yo SS # namin ha. sabi kase sa buendia branch, i need to go to the main office pa para ma-verify ito...

 

thanks!

yes... may interest pa rin,,, favor yan s mttgal n loan n d nbyaran.... pero ayos n yan at least nabawsan..... i got ur PM.... send ko agad s ung details as soon as i got the copy of ur records.. :)

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SUBJECT: ENHANCEMENTS OF THE FLEXI-FUND PROGRAM FOR OFWs

The Social Security Commission, in its Resolution No. 394 dated 23 June 2004, approved the following enhancements of the Flexi-fund Program for OFWs, thereby amending provisions under Office Order No. 26-N dated 12 July 2001:

 

Contributions

 

 

 

Any amount, not lower than P200, paid in excess of the required maximum monthly contribution to the regular Social Security program shall be applied to Flexi-fund.

 

Excess payments lower than P200 made by Flexi-fund members shall be treated as overpayment to the regular Social Security program.

 

Benefit Entitlement: Early Withdrawals

 

 

 

A member may withdraw his contributions to the Fund, including interest thereon, anytime. Pre-termination fees shall be imposed, however, on withdrawal of accumulated contributions that have stayed in the Fund for less than one year.

 

The comp*tation of pre-termination fees shall be based on net earnings (interest earnings less operating expenses) at the time of filing of claim. Charges shall be in accordance with the following schedule:

 

Retention/Holding period

at time of early withdrawal

Pre-termination fees

 

6 months and below

20% of net earnings

 

Within 6-12 months

10% of net earnings

 

12 months and above

None

 

 

General Procedures: Enrollment

 

 

An OFW may also submit his duly accomplished SS Form OW-1 with Flexi-fund enrollment at any local SSS branch prior to deployment.

 

 

In the case of local enrollment, presentation of valid overseas employment certificate (OEC) or E-receipt issued by the Philippine Overseas Employment Administration (POEA) shall be required as proof of pending deployment of Flexi-fund registrant. Please refer to Annex A for the detailed procedures.

 

All other provisions specified under Office Order No. 26-N not otherwise inconsistent with this Office Order shall continue to be in effect and implemented.

 

 

 

For strict compliance.

 

(sgd.)

CORAZON S. DE LA PAZ

President and Chief Executive Officer

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preng izzecoh, i told you about the predicament of the ladies who work at a ktv in quezon city. they hope to ensure their future thru monthly contributions to the SSS while they can still earn a lot. It seems pretty difficult for them , (or is the system biased against them?), they have to line up at your office which gives out ONE form per visit. can you imagine doing this every month just to pay your SSS dues? is there no better way to do this? can you present the rationale behind the stingy distribution of these forms? is it wise to choose who gets to avail of social security when the SSS is in trouble of being short in funds? i commiserate with these ladies because what fallback do they have after their beauty and earning capacity has dissipated? <_<

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preng izzecoh, i told you about the predicament of the ladies who work at a ktv in quezon city. they hope to ensure their future thru monthly contributions to the SSS while they can still earn a lot. It seems pretty difficult for them , (or is the system biased against them?), they have to line up at your office which gives out ONE form per visit. can you imagine doing this every month just to pay your SSS dues? is there no better way to do this? can you present the rationale behind the stingy distribution of these forms? is it wise to choose who gets to avail of social security when the SSS is in trouble of being short in funds? i commiserate with these ladies because what fallback do they have after their beauty and earning capacity has dissipated? <_<

hmmm,, cnsya n ha limited lang ung forms na hinihingi mo e.... even us here mismo in the SSS e nahihirapan din makahingi ng maramihan,, can we have a meeting with these "girls" that you've said, tapos let's whats the real problem with them... then we can settle a process that is ok to them.. :)

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