Amnesty for delinquent SSS borrowers ends on October 1, 2018. An estimated 250,000 delinquent borrowers are getting their outstanding loan penalties and fines reduced — and with more favourable payment terms.
Read the full Gulf News article:
https://gulfnews.com/news/uae/pinoy/delinquent-sss-borrower-loan-amnesty-ends-on-october-1-1.2276357
See more at: http://gulfnews.com/videos
Read the full Gulf News article:
https://gulfnews.com/news/uae/pinoy/delinquent-sss-borrower-loan-amnesty-ends-on-october-1-1.2276357
See more at: http://gulfnews.com/videos
Category
🗞
NewsTranscript
00:00The Loan Restructuring Program is a program of SSS for those who are delinquent for their
00:08short-term loans.
00:09That includes calamity loan, salary loan, the old educational loan, the Y2K loan or
00:17the year 2000 loan, emergency loan, and vocational and technical course loan.
00:22The program is conditional, meaning you have to pay the restructured loan before the penalties
00:28will be waived or condoned.
00:30Once the member applied for the condonation, he or she can choose if he wants to pay it
00:34in full or through installment basis.
00:37The installment scheme can be paid either from one year up to maximum of five years
00:43depending on the restructured loan amount.
00:46So if the restructured loan amount is 18,000 and below, you can pay it in one year term.
00:52So maximum of 72,000 restructured loan, you can pay it until five years.
00:57So what are the requirements?
00:59The member should apply personally to our office here in Dubai, bringing their passport
01:04copy, and active member with at least contributions for the last six months.
01:09The form is available in our office and it can also be downloaded to our website.
01:15Actually, we start last April 2, 2018, so it will only last for six months and again
01:24will end on October 1, 2018.
01:26It is not a regular program for the SSA, so for us to help the members who are very
01:32delinquent so that they can fully get their benefits in their future, so we offer this
01:39type of program.
01:40Once they avail their benefits, sickness or final claim, like retirement or death, they
01:47can fully get their benefits without deducting their loan balances.