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Last October 2022, the Social Security System (SSS) launched a new penalty condonation program that aims to aid its members in paying their past-due loans.
As part of the initiative, SSS will merge all past-due short-term member loans’ principle, interest, and penalties into one consolidated loan that will be forgiven upon its full repayment.
SSS will deduct the outstanding balance of the consolidated loan from the member’s short-term benefits (sickness, maternity, or partial disability benefit claims) and final benefits (permanent total disability, death, and retirement) if the member fails to meet the payment terms outlined in the consolidated loan agreement (SSC).
We can update your loans payable may they be short-term or long-term. Stay compliant and avoid penalties with the help of Pr1me Services.