When you look at the , the newest Social Security measures started offering the Your retirement Financing Program to promote instant financial help so you can licensed SSS senior years pensioners thanks to a good low interest rate financing. We have been aware in the earlier years, many tried signature loans off various personal financing people one costs large interest levels having pawned collaterals like their Automatic Teller Servers (ATM) cards. And here SSS will come in if this in the long run established the latest PLP to all or any their advancing years pensioners.
- 85 years old and below after the very last week of financing term;
- zero a fantastic mortgage equilibrium and you may work with overpayments payable so you’re able to SSS;
- no present progress retirement beneath the SSS Disaster Guidance Plan; and you may
- have to be finding the regular month-to-month pension for at least you to definitely day that have an active position.
Lower than this method, qualified retirement pensioners is also get by themselves away from that loan equivalent to about three, half a dozen, nine, or a dozen minutes its very first monthly your retirement (BMP) as well as the P1,one hundred thousand more work for.
Towards PLP’s first year, SSS disbursed a total snap the site of P2.52 million so you’re able to 74,503 pension financing individuals, while in 2020, we paid off a maximum of P3.39 billion so you’re able to 74,799 pension loan individuals.