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
Full PaymentPay within the period of effectivity of theProgram the full amount of the delinquent loan(principal and interest) through any SSS branchwith tellering facilities or authorized collectionagent of the SSS.Interest is computed up to the settlement ofloan based on the prevailing interest rate at thetime the loan was approved.
Installment PaymentSubmit a proposal to pay the amount ofdelinquent loan (principal and interest) ininstallment to the SSS Branch havingjurisdiction over its place of business.
What are the documentaryrequirements for submission?
Full PaymentSubmit the accomplishedApplication for MemberLoan Penalty CondonationProgram for Employers and;Loan Delinquency reportsigned by the employer inthe “conforme” portion
Installment PaymentSubmit the accomplishedApplication for Member LoanPenalty Condonation Programfor Employers together withthe following:
• Loan Delinquency report signed by the employer in the “conforme” portion
• Agreed installment payment computation• Installment proposal signed by the authorized signatory of the company
• Notarized Promissory note signed by the authorized signatory of the company ED R IZ A N OT
• 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
Terms & Conditions of the Installment Payment1. Payment in equal monthly installment within a period not exceeding twenty-four (24) months from date of the approval of the proposal2. 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.
Terms & Conditions of the Installment Payment3. 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
Terms & Conditions of the Installment Payment5. 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 proprietorship6. 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
What are the effects of failure to pay in full or default installment?
In case the employer fails to pay in fullthe loan amortizations or defaults in thepayment of any installment within theperiod provided in the approvedinstallment proposal, the penalties shallbe re-imposed on the remaining balanceand shall continue to accrue until thedelinquent account is paid in full.
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
You may also send us an email thru: email@example.com