The Social Security System is offering an additional payment scheme for qualified delinquent employers who are experiencing financial difficulties in fulfilling their outstanding obligations to the pension fund.
SSS president and chief executive officer Emmanuel Dooc said delinquent employers who had paid their principal obligations would be entitled to a one-year period within which they can defer the payment of the penalty either in full or through installment based on the assigned monthly installment payment plan.
“As valuable partners of the pension fund, we want to help them instead of giving much burden by providing lenient ways in paying their financial obligations to SSS,” Dooc said.
Delinquent employers who are qualified for the additional settlement option are those with an outstanding obligation of at least P100,000 exclusive of penalty, with or without pending cases before the Prosecutor’s Office, courts, and Social Security Commission, and with or without subsisting approved settlement scheme.
“The additional payment option specifically caters to delinquent employers who are currently experiencing financial difficulties due to income losses, mismanagement or those who were greatly affected by natural and man-made disasters,” Dooc added.
Under the SSS Circular No. 2018-008, employers who paid their principal contributions in full or within a period not exceeding 90 days from the approval of the application, will entitle to a one-year period to defer the payment of their accrued penalties.
“If the employers failed to settle the principal amount within the 90-day period, a three percent per month penalty shall be imposed on the balance until the principal contribution is fully paid. That’s why it is crucial for employers to strictly follow the additional guidelines to avoid penalty accruals,” Dooc said.