THE Social Security System (SSS) announced last Thursday it will extend financial assistance to its members and pensioners in areas affected by Severe Tropical Storm “Paeng” (international name Nalgae) starting November 17 until February 16, 2023.
SSS President and CEO Michael G. Regino was quoted in the pension fund’s statement that the SSS calamity assistance package consists of the calamity loan assistance program (Clap) for its members and the 3-month advance pension for SSS and Employees’ Compensation (EC) pensioners.
Regino said members and pensioners in the areas to be declared under state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) or local government officials can avail of the financial assistance.
Under the Clap, qualified members in Paeng-affected areas can borrow a loan equivalent to their one monthly salary credit or up to P20,000. The calamity loan is payable in two years or 24 equal monthly installments with an annual interest rate of 10 percent.
Likewise, the SSS will provide financial aid to SSS and EC pensioners in typhoon-hit areas. Through this facility, SSS pensioners will be given three months advance of their total monthly pension.
Meanwhile, Regino reminded members and pensioners in areas affected by Super Typhoon “Karding” (Noru) that they still have until January 6, 2023, to avail of the Clap and Three-Month Advance Pension for those hit by the super typhoon.
SSS offers loans after ‘Paeng’ hit
Source: News Paper Radio
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