SSS offers calamity loan to ‘Odette’ victims – Manila Bulletin
The public social security system (SSS) has announced financial assistance for members and pensioners affected by Typhoon Odette.
Aurora C. Ignacio, President and CEO of SSS, said Monday, January 10, that victims of Typhoon Odette are eligible for their Disaster Loan Assistance Program (CLAP) and direct loan for the repair and improvement of the house from January 14.
Under the SSS Calamity Assistance Program, qualified members and retirees are those in areas declared to be in a state of calamity due to Typhoon Odette by the National Council for Risk Reduction and Management of disaster.
The SSS has allocated 2.18 billion pesos for the implementation of the disaster assistance program, which will benefit about 236,509 active and retired members in the areas affected by the typhoon.
Ignacio said members can apply for a CLAP and a loan for home repairs and improvements, while affected pensioners can get a three-month early pension.
“Through the SSS Calamity Assistance Program, we are able to extend financial assistance to our members and retirees as they attempt to recover from the effects of Typhoon Odette,” Ignacio said in a statement.
The CLAP for members of the SSS and the three-month early pension for its retirees will be offered until April 13, 2022. During this time, the direct loan for home repair and improvement will be open to qualified members for a year.
Under CLAP, qualified members are eligible for a loan amount equivalent to one month’s salary credit (MSC) calculated on the basis of the average of their last 12 months’ salary credit (MSC).
In the meantime, to apply for the three-month early pension, they must submit a completed application form for assistance due to calamity/disaster duly certified by their barangay chairperson.
However, retirees who have existing loans under the Pension Loan Scheme (PLP) are not eligible for the three-month early pension.
In addition, SSS also provides financial assistance to its members whose homes have been damaged or destroyed due to Typhoon Odette.
Qualified SSS members can apply for the direct loan for home repair and/or improvement for a maximum loanable amount of up to 1 million pesos.
The term of the loan will be five, 10, 15 or 20 years, plus the six-month moratorium.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO REGISTER