What is SSS Loan Restructuring Program(LRP)? A program of the Social Security System that helps SSS members pay off their past due loans by removing their loan penalties from their total SSS loan balance. A way for helping individuals who could not pay off their loans especially those who were affected by calamities and disasters in different parts of the Philippines. Also known as SSS Loan Condonation that aims to help pinoys who were unable to pay their loans simply because they don’t have work anymore or they were unable process their payments on time.
How to Compute SSS Monthly Pension
The significant reason to have an SSS Monthly Pension is once you retire, you can enjoy the retirement benefits as long as you have completed the 120 monthly premium contributions.
You have two ways to avail the retirement benefits from SSS either through monthly pension or lump sum amount.
An SSS member can only avail the SSS monthly pension when he/she has paid the required monthly premiums before the time of retirement.
3 ways how the monthly pension is computed:
Using Formula 1 – ₱300 + 20% of the average monthly salary credit + 2% of the average monthly salary credit for each “Credited Year of Service” exceeding to 10 years
Lowest Interest OFW Loans In The Philippines
OFW loan is so relevant for our modern day heroes (mga bagong bayani), individual pinoy worker experienced poor working conditions include long hours, low wages and few chances to visit family.
Remittances from OFWs serve as the lifeblood of their families and plays big part to the Philippine economy.
Most of us think they don’t come across any financial crunches. They’re like us working locally, regardless of their monthly income, they also have financial needs.
To help the OFWs, we have loan services exclusive for OFWs.
SSS Flexi-Fund Program for OFWs
There are lots of OFWs nowadays, and we all know that they are working hard to support their family financially and unknowingly becoming the country’s hero.
But these OFWs were not meant to spend their lives working until their last breath. They also need to rest especially in their old years. Good thing, there is savings plan intended for these OFWs.
If you are one of these OFWs, then we are happy to inform you that SSS provided savings plan for hard-working citizens like you. All the money they earned for the past years would not be a waste and saving money ahead of time will save your life and your family as well.
What Earns More: SSS Flexi-Fund or PAG-IBIG MP2?
Aside from saving your money in the bank, you can also consider increasing your contributions to SSS and Pag-ibig Fund.
These two government agencies have savings or investment programs that they offer to their members who want to save more and earn more.
These two saving programs offer higher interest rates than most local banks.
Plus, they are tax-free and you don’t have to worry about fraud or bankruptcy for SSS Flexi-Fund and PAG-IBIG MP2 are both guaranteed by the Philippine government.
When you invest in another investment products like those of Insurance companies, you shouldn’t miss your payments, otherwise, you’ll have to pay expensive penalties or you might lose your investment if you aren’t able to pay it within the grace period.
How to Avail of SSS Maternity Benefit
When a woman gets pregnant, it is one of the happiest moments in her life, but both parents need a certain amount of money to afford all the medical and hospital expenses.
SSS give benefits not just for retirement insurance, but also maternity benefit to female SSS members.
What are some of the requirement needed to avail the SSS benefits?
To receive the benefits from SSS, you must submit maternity notification ahead of time.
For employers and employees:
SSS Maternity Notification Form needs to be accomplished to receive the benefits of pregnant woman. To make the form valid, the member who is pregnant must immediately notify first her employer and tell about the probable date of her childbirth, and must do this 60 days before passing the form. Aside from the Maternity Notification Form, the member must submit proof of pregnancy.