Members and pensioners of the Social Security System may swiftly resort to salary and pension loans to help them recover from the damage wrought by Tropical Storm Kristine.



The SSS made the announcement on Thursday (October 24) as it advised members to apply for a one-month salary loan if they have at least 36 monthly contributions, six of which should have been paid within the immediate past 12 months.



According to the pension fund members should have at least 72 posted contributions if they intend to avail of a two month salary loan.



Pedro Baoy, SSS Senior Vice President for Lending and Asset Management Group, said only members who are below 65 years old at the time of the loan application and have not been given their final benefits like total disability, retirement and death benefits are entitled to the loan grant.



“Employers compliance is crucial in these situations since updated contribution and loan payments are essential for their employees loan eligibility ,” said BAoy.



Under the SSS rules, retiree-pensioners may avail of SSS pension loan equivalent to three, six, nine or 12 times their basic monthly pension plus P1,000 additional benefit, but not exceeding the maximum P200,000.



This may be availed of under the following conditions:



-Retiree is 85 years of ag or below at the end of the month of the loan repayment term;



-He/she has no existing advance pension under the SSS Calamitiy Assistance Package



-Should be receiving his/her regular monthly pension for at least one month and the status of pension is “active.”



-Has updated his/her contact information