The Social Security System (SSS) wishes to inform its pensioners that starting July 2021, the release of monthly pensions through its latest disbursement method will be every 4:00 PM onwards of their crediting date.
Under the latest disbursement method that uses Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks and e-wallets, and Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs) as disbursement channels, there are two batches of monthly pension releases (crediting dates).
The first batch is released every first day of the pension month, covering pensioners whose date of contingency is from the first to the 15th day of the month, while the second batch is released every 16th day of the pension month for pensioners whose date of contingency is from the 16th to the last day of the month.
The Social Security System (SSS) reminds qualified retiree-pensioners who would like to renew their loans under the Pension Loan Program (PLP) to submit their applications online through the My.SSS Member Portal.
SSS President and CEO Aurora C. Ignacio said the online facility for the PLP was added in the said portal since September 2020 to provide an easier and safer channel for SSS pensioners to benefit from the loan program.
The state pension fund said community quarantine lockdowns imposed by the government to stem the increasing infections due to COVID-19 limited the mobility of pensioner-members and affected transactions with SSS branches, including PLP applications.
SSS extends compliance deadline for pensioners to shift to PesoNet banks visayandailystar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from visayandailystar.com Daily Mail and Mail on Sunday newspapers.
Social Security System (MANILA BULLETIN FILE PHOTO)
As of April, about 104,955 pensioners are not yet compliant with this requirement. Of this number, 91,476 banks, while the remaining 13,479 get their monthly retirement income through checks.
The six-month extension from the previously announced deadline of March 31, 2021 came after the approval of the Social Security Commission Resolution No. 141-s.2021 dated March 24, 2021.
The SSS started the shift to using PESONet participating banks, e-wallets, and Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs) as disbursement channels in October 2020 to provide a faster and more secure manner of releasing monthly pensions and eliminate disbursements through checks.
“The extended deadline aims to give SSS pensioners more time to comply with this requirement while community quarantine protocols are still being implemented. This will also give accredited rural banks enough time to complete their applications to be included in
Published May 10, 2021, 4:20 PM
State-run Social Security System (SSS) announced on Monday, May 10, that it has extended the deadline for pensioners’ compliance with the new disbursement methods for monthly pensions.
Aurora C. Ignacio, SSS president and chief executive officer said the mandatory use of the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other checkless disbursement channels has been extended to September 30, 2021.
Ignacio said the extension from its original March 31, 2021 deadline aims to provide pensioners more time to shift their disbursement accounts to participating banks or e-wallets under the PESONet or Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs).