The Social Security System said it refunded the April and May 2020 loan payments of pensioners who borrowed from its Pension Loan Program starting Dec. 9, 2020.
SSS President and Chief Executive Aurora C. Ignacio said the pension fund refunded P253,584,557.76 worth of pension loan payments to 56,750 pensioner-borrowers.
She said those entitled to the refunds were pensioners whose monthly pensions for April and May were deducted under the PLP and were currently amortizing as of the implementation date.
She said the pensioners who paid their loan amortizations for April and May 2020 received a two-month refund. Those who only started paying their loan amortizations in May 2020 only got a one-month refund.
“We want to advise our pensioners that they no longer have to visit SSS to apply for the said refund. Starting December 9 and 10, we automatically credited the refunds to qualified pensioners through their respective Union Bank QuickCard savings accounts where the proceeds of their pension loans were also credited,” Ignacio said.
She said the SSS would also extend a pensioner’s loan payment term by one or two months without any additional interest or penalty. Suppose a pensioner’s loan payment term was until April 2021 and he or she received a two-month refund, the SSS will extend their payment terms until June 2021 without any interest or penalties.