State-run Social Security System said it will no longer disburse benefit payouts to its members through checks.
SSS president and chief executive Aurora Ignacio said lump sum disability, death and retirement benefits, including employees’ compensation disability benefit, which were previously released through checks, are now mandatorily released through banks.
“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,” Ignacio said.
Under the program, lump sum benefit payments are remitted by the SSS to the member or claimant’s account in their preferred SSS-accredited bank.
SSS has 67 accredited paying banks such as Asia United Bank Corporation, Bank of the Philippine Islands, China Banking Corporation, Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Company, Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Company and Union Bank of the Philippines.
A qualified member or claimant for any of the said benefit programs will now be required to present to the SSS a bank document with his/her name. These documents include a single savings account passbook, ATM card with name and account number, validated initial deposit slip or copy of bank certificate/statement.