1. The document discusses the SSS Member Loan Penalty Condonation Program for Employers, which condones penalties on unremitted or delinquent loan amortizations for certain member loans if paid in full or through an approved installment plan by June 30, 2011. 2. Eligible employers must be current on employee contribution payments and may avail of the program if their employees have delinquent loans. 3. The program condones penalties but the outstanding loan principal and interest up to April 1, 2010 must still be paid. Full payment or an installment plan of up to 24 months at 3% interest can be submitted for approval.

5. What member loans are
covered by the Program?

6. Salary Loans

7. Calamity Loans

8. Emergency Loans

9. Stock Investment Loans

10. Privatization Fund

11. Educational

12. Special Educational Loan for
Y2K Conversion

14. What is the eligibility
requirement ?

15. What is the eligibility
requirement ?

16. What is the eligibility
requirement ?
• Employers mustpayment
updated in the
be
of their employees’
contributions
• Employers who are
delinquent in the
payment of their SSS
contributions must first
settle their delinquency
in full through outright
payment or submission
of an installment
proposal

17. Who can avail of the program?

18. Who can avail of the program?

19. Who can avail of the program?

20. Who can avail of the program?

21. Who can avail of the program?
2. Employers of employees with delinquent
loans granted under current or previous
employer or whose loans were granted as
self-employed/voluntary-paying members.

23. What is condoned under the
Program?

25. • The program shall condone only penalties on
unremitted or delinquent loan amortizations.
• The outstanding loan obligation is
composed of the principal and
interest due on or before
01 April 2010

27. When is the availment period?
January 3, 2011 to June 30, 2011

29. What are the modes of
payment?

31. Full Payment
Pay within the period of effectivity of the
Program the full amount of the delinquent loan
(principal and interest) through any SSS branch
with tellering facilities or authorized collection
agent of the SSS.
Interest is computed up to the settlement of
loan based on the prevailing interest rate at the
time the loan was approved.

33. Installment Payment
Submit a proposal to pay the amount of
delinquent loan (principal and interest) in
installment to the SSS Branch having
jurisdiction over its place of business.

35. What are the documentary
requirements for submission?

37. Full Payment
Submit the accomplished
Application for Member
Loan Penalty Condonation
Program for Employers and;
Loan Delinquency report
signed by the employer in
the “conforme” portion

39. Installment
Payment
Submit the accomplished
Application for Member Loan
Penalty Condonation Program
for Employers together with
the following:

41. • Loan Delinquency report signed
by the employer in the
“conforme” portion

43. • Agreed installment
payment
computation
• Installment proposal
signed by the
authorized signatory
of the company

45. • Notarized
Promissory note
signed by the
authorized
signatory of the
company ED
R IZ
A
N OT

47. • Secretary’s certificate in case the
corporation is operational or
equivalent instrument in case of an
unincorporated employer,
authorizing such officer to sign the
proposal in behalf of the employer

49. Terms & Conditions of the
Installment Payment

50. Terms & Conditions of the
Installment Payment

51. Terms & Conditions of the
Installment Payment
1. Payment in equal monthly installment within a
period not exceeding twenty-four (24)
months from date of the approval of the
proposal
2. The total amount due shall bear an interest
rate of three percent (3%) per annum. The
monthly installment payments shall be
computed using the Amortization Factor
Table.

52. Terms & Conditions of the
Installment Payment

53. Terms & Conditions of the
Installment Payment
3. Current contributions and loan amortizations
of its employees shall be paid every month as
they fall due.
4. Managing head, director or partner shall sign
the installment proposal and the promissory
note

54. Terms & Conditions of the
Installment Payment

55. Terms & Conditions of the
Installment Payment
5. Upon approval of proposal, employer shall issue
corresponding post-dated checks payable to SSS to
cover all monthly installments. Checks shall be under
corporate’s name, if company is a corporation, or
under business name/ name of the owner, if single
proprietorship
6. Failure by employer to comply with the
requirements shall automatically terminate the
approved installment proposal and shall have the
same effect as in case of default in the payment of
any installment

57. What are the effects of failure
to pay in full or default
installment?

59. In case the employer fails to pay in full
the loan amortizations or defaults in the
payment of any installment within the
period provided in the approved
installment proposal, the penalties shall
be re-imposed on the remaining balance
and shall continue to accrue until the
delinquent account is paid in full.

61. For more information on this program, visit an
SSS Servicing Branch nearest you
or check our web site at:
www.sss.gov.ph
forms are also available for download,
just click on the Downloadable Forms link

62. You may also send us an email thru:
member_relations@sss.gov.ph

64. SSS, Kabalikat Natin!