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What is SSS Condonation Program
So what is SSS condonation program? First off, allow me to enlighten you with where it is used. This program is used to give a chance to SSS members who have delingquent short-term member loans. Now, what comprises or what is included in the list of these short-term member loans?
These may be either the salary, calamity, emergency, educational, study-now-pay-later plan, vocational/ technical student, Y2K, stock investment and privatization fund (SI/PF) or the Members’ Assistance for the Development of Entrepreneurship (MADE).
I. WHO CAN AVAIL OF THE PROGRAM
1. Borrowers who are delinquent in the payment of their monthly loan amortizations as of 30 April 2008.
2. Those with final claims whose date of contingency falls within the availment period.
3. Employers who are delinquent in the remittance of their employees’ loan amortizations as of 30 April 2008 including the following:
– Those with pending proposal (Installment Plan or Dacion en Pago)
– Those with approved installment plan
– Those with pending cases before the SSC, Prosecutor’s Office and the Courts
4. Members of delinquent cooperatives under the MADE Program as of 30 April 2008.
II. WHAT ARE THE TERMS AND CONDITIONS
1. Availment of the penalty condonation program is from 01 May 2008 to 30 April 2009. However, SI/PF loan borrowers who opt to sell their shares of stocks through SSS and employers shall submit their application not later than 16 March 2009 and 15 April 2009, respectively.
2. The net proceeds of the sale of the borrower’s shares of stock shall be applied as payment to his outstanding SI/PF loan account.
3. Payment of arrears (principal and interest) maybe partial or in full.
4. The amount of penalties to be condoned is proportionate to the amount of the arrears paid (e.g., if only 50% of arrears are paid, then only 50% of penalties shall be condoned). The balance shall continue to accumulate penalties. For MADE program, condonation shall cover penalties and continuing interest.
5. Borrowers shall be allowed to re-avail of existing loan programs only after two (2) years from the date of last payment.
III. HOW TO AVAIL OF THE PROGRAM
A. Full or Partial Payment
1. Borrower shall accomplish and submit the application (Application Form for Penalty Condonation) to the nearest SSS Branch.
2. Upon approval of the application, the borrower shall pay either to SSS Branch with Tellering facilities or SSS accredited bank and submit proof/s of payment ?SS Form ML-1 or SS Form ML-1 with Special Bank Receipt (SBR)?, together with the application to the nearest SSS Branch.
B. Sale of Shares of Stocks Through SSS
Borrower shall accomplish and submit application together with the following documents: notarized Special Power of Attorney, accomplished Broker Signature Cards, Broker Application Form, statement of account issued by SSS and authenticated photocopy of Social Security card or E-6 acknowledgement stub with two (2) valid ID cards at least one (1) of which is with photo to the nearest SSS Branch.
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