THE STATE-RUN Social Security System (SSS) on Tuesday extended its Calamity Assistance Package (CAP) to members and pensioners who were affected by the recent eruption of Taal Volcano.
SSS President and Chief Executive Officer Aurora C. Ignacio said the pension fund allocated more than P284.92 million worth of financial assistance to benefit more than 28,680 affected members and pensioners.
“We sympathize with our members and pensioners who are now temporarily displaced due to the ongoing earthquakes and ash fall brought about by the volcanic activity of Taal Volcano. We want to assure our members and pensioners that they can rely on SSS for their immediate financial needs during these difficult times,” Ignacio said.
Qualified regular-paying SSS members who are residing in calamity- stricken areas which are declared by the National Disaster Risk Reduction and Management Council (NDRRMC) as under state of calamity may avail of the calamity loan assistance and Direct House Repair and Improvement Loan while pensioners may avail of the advance three-month pension.
Areas declared by NDRRMC under the state of calamity are the provinces of Batangas and Cavite. On the other hand, members and pensioners who are residents of other areas that may also be declared under the state of calamity are qualified to avail of the CAP once officially declared by NDRRMC.
The CAP includes a loan assistance program, which is separate from the regular salary loan, allows members to borrow up to P20,000 depending on their monthly salary credit, and financial assistance for pensioners wherein they can advance their pensions equivalent to three months.
SSS is expecting more than 10 percent of the affected paying members in the areas mentioned above to apply for the CAP thus, it allocates more than P284.92 million for the program. It is broken down into P277.5 million allotted for the calamity loan while the remaining P7.42 million are for the advance three-month pensions of qualifi ed pensioners.
Based on the SSS Circular 2020-002, applicants are required to be registered on the My.SSS facility for easier facilitation of their billing letters.
“Our members and pensioners who are not yet registered on the My.SSS facility may use their mobile phones to register so they can avail of the program. SSS e-centers are also available in our branches and our employees are ready to assist them,” Ignacio said.
The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. To eliminate additional expenses on the part of member- borrowers, SSS waived the one percent service fee.
