PNB loans for SSS pensioners.

here's the Star take on this piece of news

Interest and Penalty Answer on SSS Salary Loan Question

There have been many questions on interest and penalty on SSS Loans
Instead of answering these questions individually, i have decided to post this little tidbit for their information.

If there are specific questions on this answer, please comment -

Answer taken from the SSS Website


INTEREST AND PENALTY

The loan shall be charged an interest rate of 10% per annum based on diminishing principal balance, and shall be amortized over a period of 24 months.

Interest of 10% shall continue to be charged on the outstanding principal balance until fully paid

Any excess in the amortization payment shall be applied to the outstanding principal balance.

Loan amortization not remitted on due date shall bear a penalty of 1% per month until the loan is fully paid.

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you can also find this at the back page of the salary loan application form

register as an online member so you can request for a SOA

interest and penalties change on a daily basis, on a straight-line method

If you wish to read more on salary loan, read more on the SSS website
if you have problems reaching the sss website, drop a comment so i can inform the sss

click here to access loans on the sss website

more about the SSS Pensioner loan from PNB

here's a follow-up story regarding the PNB loan
this is from Businessmirror, page b2, 18 June 2015

Apocalypse Now? some viral post evidence....................

you dont think so?

some visual proofs that the end may be nearer than what we think if we DO NOT CHANGE

click here

TABULAR SUMMARY OF SSS BENEFITS

Just a simple tabular summary of SSS benefits -  as released by CCD, PASED

This table will allow you, the readers to look at the benefits at a glance.

All computations are based on the MSC or monthly salary credit.

It must be remembered that SSS does not allow huge jumps in the MSC from one period to the other so that the ANC coverage is very misleading and rather irresponsible (from minimum to maximum was the example) - but this is simply my personal opinion.  This is already discussed in another post and will not be repeated here.

Some members who think they are very hip in mathematics and finances often demand interest payments on contributions.  May I ask these members to please temper their arrogance and think about not being too da*n selfish.  They should also think about trying to get a private insurance policy - on retirement - and see if they can get a rate as good as that of the SSS.

Most people think that SSS exists for themselves.  They demand huge increases without thinking of the consequences.

Wake up people.
SSS is a form of social taxation.  The higher paying members subsidize the lower paying members.

Friends and acquaintances who are rich and famous shrug off SSS pensions, calling it useless.
Money, my dear friends, is never useless

note:  there is an increase in funeral grant that is not yet reflected in this summary

you can find this same table on the sss website


click here to view the table on the sss website

The weight of a soul

very simple. 21 grams

the info source

Did you hear about the SSS Pensioner loans - from PNB?

Here is the relevant press data or should i say picture
Basically, this loan is being offered by PNB so only pensioners whose pension accounts are with PNB can avail of this loan.  So please apply to PNB directly.

Pensioners who wish to transfer their pensions accounts to PNB must first inform SSS, get the new forms, open an account, inform SSS of the new account, and leave the old account open until SSS deposits to the new account.

Requesting things from the SSS

Like any other government office, transacting with SSS requires knowledge of procedures, forms, and locations.  It is rare that SSS makes announcements to the public regarding changes in their forms so in this blog, i try to update my readers on forms that have changed, in the belief that knowing which or what forms to use may assist them in transacting with the institution.

Here is the new form:

A meeting of friends, Friday 5 June 2015

Ofelia Templo treated us - Mamu (Emily Ferrer),  Ronnie Pingol, Hermie Bungay, Ging dela Paz, and myself to dinner at Chili's at Tomas Morato last Friday.

It was also a good luck/farewell dinner for Ronnie who is migrating to Canada this June.

Ofie told us about their trip to Europe, and that was great.

Makes me wonder when i can go off on a European tour (i wish it need not be after retirement, and instead be .................. next year if not this year).

We saw a  bit of the pictures  and heard about their food trip, pizzas in Italy, for example - because of Jutes or Junjun.

We also touched a bit on politics ... Grace Poe, for example

As for food, Ofie hit all my faves - fajitas (shrimps, steak, chicken), quesadillas, salsa

An SSS Offer: Did you know that you can have SS sell your shares of stock?

You might have missed the SS announcement a while back about selling your stock shares that you obtained through the SSS stock loan investment program ....

well, you can - here's the announcement again

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SSS offers members option to sell shares for delinquent stock investment and privatization fund loans

12 February 2015

The Social Security System (SSS) is calling on members with outstanding loans under the Stock Investment Loan Program (SILP) and the Privatization Fund Loan Program (PFLP) to avail themselves of the option to sell their shares of stocks under the two programs.

“Despite loan condonation programs that we have offered in the past, there are still quite a number of SSS members who have let their unpaid SILP and PFLP loans balloon into staggering amounts due to penalties and interest,” said SSS Senior Vice President and concurrent Officer-In-Charge for Lending and Asset Management May Catherine Ciriaco. As of 31 December 2014, there are 3,037 delinquent SILP loan accounts, amounting to P304.44 million, inclusive of penalties and interest. There are also 5,755 delinquent PFLP loan accounts, totaling P304.19 million, with penalties and interest. The Social Security Commission in September 2014 approved the Option to Sell Shares of Stocks, as a way to lessen these delinquent accounts that total over P608.63 million. In the late 1980s, SSS offered the SILP to give its members an opportunity to invest in the stock market. Similarly, it offered PFLP in 1994 to enable its members to participate in the initial public offering of Petron shares which at that time was owned entirely by the government. The PFLP was also open to SSS members who were interested in buying shares of stock of Meralco that it was disposing at that time. Under the option to sell shares, the member-borrower will execute a Special Power of Attorney authorizing the SSS to sell his shares of stocks at the prevailing market price, based on the quotation of an accredited broker and subject to the usual broker’s commission, taxes and other fees. The net proceeds from the sale of the shares of stocks will then be applied to the member’s outstanding SILP or PFLP loan balance. “Any excess amount after application to the outstanding SILP/PFLP loan balance will be applied to his delinquent salary or housing loan, if any,” Ciriaco explained. “If none, or if there is still excess amount, then this will be refunded to the member-borrower.” However, if the net proceeds from the sale of the member-borrower’s shares of stock are not sufficient to cover the outstanding SILP or PFLP loan balance, then the member shall be required to pay the remaining amount either in cash, from a salary loan renewal, or from the final benefits (total disability, retirement, and death). However, the remaining balance will continue to be charged with interest and penalties until fully paid. “While this is not the condonation program that members are waiting for, the Option to Sell program is the next best way for members to finally pay off their outstanding loans under the SILP and PFLP to ensure that they fully enjoy their SSS benefits without deductions,” Ciriaco said. Members interested to apply for the Option to Sell Shares Program may contact Teresita Badiola or Ma. Divina Cadorna at the SILP Section of the SSS Member Loans Department, 11/F of the SSS Main Office, or call 435-9862 and 920-6401 locals 5887 and 5915 for further details. **************************************************************************** Here is the form to be used