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Sss Salary Loan Agreement

A borrower can apply for a wage loan at the branch closest to the place of residence or business. A member registered with My.SSS can apply for salary credit online. The wage loan deposited online by a salaried member is transferred to the employer`s My.SSS account for certification, which is why the employer should also have an SSS web account. “It is the responsibility of the SSS member to regularly check and monitor his recordings so that he can immediately attract the employer`s attention or report inconsistencies to SSS. SSS sends SMS notifications to members when a loan payment is reserved on their accounts. In the event of a delay, late/unpaid loans are deducted from the member`s benefits, depending on the first date; “Two separate programs treat SSS contributions and SSS loans with different billing systems. SSS regularly charges employees with their unpaid credit obligations through the current employer, whether the loan has been certified by the current employer or acquired by a former employer or as an independent/volunteer member. That is why Mr. Querubin`s current employer discovered that he still had an existing loan. “Any ordinary person would conclude that the employer deducted the outstanding loan and that there were no balances because SSS did not charge any of my five employers for an outstanding loan for 18 years.” A service charge equal to 1% of the loan amount is calculated and deducted from the proceeds of the loan.

The SSS is a cash loan to a self-employed person who is currently paying or to a voluntary member. It is intended to cover the member`s short-term credit needs. “First of all, it is the employer`s responsibility to deduct the outstanding balance from the credit balance of its outgoing employee. The employer must pay the amount and inform the SSS of the worker`s departure. If the amount has been deducted from the employee`s separation salary, any evidence means that the amount transferred corresponds to the outstanding credit balance of the employee that he has fully paid his SSS loan. The employer must provide the credit transaction document (SSS ML2 payment form) and the corresponding credit withdrawal list (LCL) with the employee`s name as proof of payment. Otherwise, the loan will continue to be subject to interest and penalties. A member and borrower who transfer the job submits to their new employer an updated invoice for all outstanding loans to SSS and allows the employer to deduct the corresponding amortization from his salary, including any interest/penalties for late transfers. “1) SSS stated that it was the employer`s responsibility to deduct the outstanding outstanding loans.” But: “It is the responsibility of each worker to inform their new employer of their existing loan… Members can benefit from a free quick bank card (UBP QC) at select SSS stores with on-site UBP kiosks. To use UBP QC (new), a copy of My.SSS`s credit authorization (screenshot or printed copy) must be displayed in each UBP kiosk at selected SSS stores. Members who have used the new UBP QC encode their corresponding UBP savings account number via My.SSS.

“To put it again, I have assumed the regularity that SSS performs its function because: (a) As it confirms, it is the responsibility of the employer, … “b) SSS stated that it “regularly charges its employees for their outstanding credit obligations through the current employer… “It is the worker`s responsibility to inform the new employer of their existing credit balance, as it may allow the new employer to deduct loan payments from their salary, including all interest or penalties incurred by the former employer as a result of late mailings.