What is SSS loan restructure program 2020?

What is SSS loan restructure program 2020?

The Loan Restructuring Program (LRP) allows Filipinos with unpaid SSS loans to settle their outstanding balance under a restructured repayment term. Loan restructuring makes it easier to pay back what you owe to the SSS. You’ll have to pay only the overdue principal amount plus interest.

What is SSS loan condonation?

The LRP with penalty condonation offers member-borrowers an opportunity to settle their past due short-term loans, where penalties are waived through a conditional condonation. SSS implemented LRP in response to clamor from members who failed to pay their loans due to financial constraints caused by calamities.

What is SSS amnesty program?

The Social Security System (SSS) has granted partial to full amnesty on loan penalties to 58,995 delinquent borrowers who availed themselves of the agency’s Loan Penalty Condonation Program, which is now halfway through its six-month implementation.

What happens if SSS is not paid?

Unpaid SSS contributions and penalty for late payments thereon of three percent (3%) per month. Go to the SSS branch nearest the place where the ER conducts business and file a complaint against them. Damages on unpaid contribution when employee contingency arises.

Is there any SSS condonation program for 2020?

2019-004 (Condonation and Non-Imposition of Penalties on Delinquent Social Security Contributions) dated 15 March 2019, their post-dated checks which fall due from March to October 2020 shall be deposited on 30 November 2020.

Is SSS calamity loan a short term loan?

Covered short-term loans under the RTPL implementation are salary, calamity, emergency, and restructured loans.

Is there SSS condonation program in 2021?

2019-004 (Condonation and Non-Imposition of Penalties on Delinquent Social Security Contributions) dated 15 March 2019, their post- dated checks which fall due in March 2021 shall be deposited on 30 April 2021.

Can I pay SSS late?

11199 (Social Security Law of 2018), if an employer fails to pay contributions to the SSS as prescribed, it will incur a penalty of 2% per month from the date the contribution falls due until paid. The SSS encourages employers and members to use online and alternative payment channels for their contributions.

Can I use PayMaya for SSS calamity loan?

SSS online portal. SSS members only need to enroll their PayMaya accounts through the My. Proceeds from the SSS funeral and unemployment benefits, among others, may be coursed through the member’s PayMaya account. Soon, members may also receive their calamity, salary, and other loan proceeds via PayMaya.

How much is the interest of SSS calamity loan?

The loan shall be charged an interest rate of 10% per annum until fully paid, computed on a diminishing principal balance and shall be amortized over a period of twenty-four (24) months.

How long is SSS calamity loan?

The loan proceeds shall be available to member-borrower’s account within three (3) to five (5) working days from approval date of the loan.

When does the new SSS contribution schedule start?

SSS Contribution Schedule 2021. Starting January 1, 2021, the SSS shall implement the New Schedule of Regular Social Security, Employee’s Compensation (EC) and Mandatory Provident Fund Contributions for Regular Employers and Employees, Self Employed, Voluntary and Non Working Spouse and Household Employers and Kasambahay.

When does the SSS condonation plan take effect?

Within 6 months, we will waive the penalty,” SSS senior vice president and chief legal counsel Voltaire P. Agas said. Since RA 11199 was published in the Official Gazette on Feb. 18, it will take effect on March 5. “We are now ready for that. Once it gets effective, we can accept applications for condonation,” Dooc said.

What does MSc mean on SSS contribution table?

The SSS uses the MSC to compute the required contribution for members based on their monthly income. The higher your monthly earnings, the higher your MSC is. The higher your MSC, the higher your contribution becomes. On the SSS contribution table, you’ll find the MSC that corresponds to your income range.

What is the employer contribution rate for SSS?

The 2021 SSS Contribution Table. 1. Employed Members. Of the 13% contribution rate, the employee pays 4.5% through monthly salary deductions, while the employer shoulders the remaining 8.5%.

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