#Pinoy: Amnesty for delinquent SSS borrowers

Gulf News

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

Transcript

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.

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