
image credits: animotivation.blogspot.com
The Philippine Social Security System is currently allowing employers to pay off delinquent loans of their employees until June 30, 2011. What it does is it allows employees to pay off just the principal without the add on rate for the penalties. If you previously applied for a loan and are not sure if it has been completely paid off especially if you transferred to another company, it would be best to check. It is crucial that payment is made otherwise, you might encounter problems later on when it comes to claiming your social security benefits. You can either check it online or proceed to the nearest SSS office in your place of residence or work and check. You can also check if your employer is remitting your contributions in a timely manner.
Again, if you have loans with SSS in the past, check if it has been completely paid out, you might be surprised to find out how much it ballooned to had your employer or previous employer failed to zero out the balance when they were all the while taking off the amount in your monthly pay check.