The Social Security System (SSS) unveiled a calamity relief package consisting of early renewal of salary loans and easier house repair loan terms as well as the advanced release of pensions for members affected by heavy rains and widespread floods caused by Tropical Storm “Maring” and the southwest monsoon.
The SSS relief package is extended to members in calamity areas officially declared by the National Disaster Risk Reduction and Management Council (NDRRMC), which includes the provinces of Bataan, Pampanga, Cavite, Laguna and Rizal; the cities of Paraňaque, Muntinlupa, Malabon, Marikina, Pasay, Tarlac, Candon and Dagupan; as well as several municipalities and barangays in parts of Metro Manila and Luzon.
Under the calamity relief package, affected members can avail themselves of the Salary Loan Early Renewal Program (SLERP) wherein they can renew their existing salary loan earlier than the prescribed date based on regular SSS loan guidelines, which is one year after the date of loan release. As special consideration, the SLERP also provides the lifting of current sanctions imposed on borrowers in affected areas who had earlier availed themselves of the SSS Loan Penalty Condonation Program.
“The one percent service fee will also be waived under the SLERP. The net amount of the loan shall be the difference between the approved loan amount and the previous loan balance, and affected members have until October 31, 2013 to apply under this program at the SSS branch nearest them,” said SSS Vice President, May Catherine Ciriaco.
Ciriaco said the second component of the calamity relief package is the reduction of annual interest rates under the SSS Direct House Repair and/or Improvement Loan by two percentage points from the regular SSS rates of eight percent for loans worth P400,000 and below, and nine percent for higher loan amounts. To be eligible, the member must be 60 years old or below and has a minimum of 24 monthly contributions, at least three of which are within the 12-month period immediately prior to the month of filing their application.