SSS president and chief executive Emilio de Quiros Jr. said that the new amnesty program will permit members to settle overdue loans without paying penalties.
SSS offers its members emergency, salary, calamity, study-now-pay-later, educational, privatization fund and stock investment loans.
Members may apply for the amnesty until September 30, 2012. But beneficiaries of deceased borrowers without settling their arrears have until March 30, 2013.
De Quiros said that SSS will waive 100% of penalties of qualified applicants (failure of loan payments was not their fault) such as those whose employers were unable to remit their amortizations to SSS even though their loan payments are deducted from their salaries.
In order to qualify for the full condonation of penalties, an SSS member must have at a minimum of 3 contributions within the last 6 months before the month of Amnesty Application and must present proof of deducted loan amortizations.
Members can pay their interest and loan principal either full, or avail of a 3-year installment payment at annual interest rate of 3%.
The beneficiaries of deceased borrowers who file their death claims, proceeds from which the unpaid loan principal and interest will be deducted are also qualified for the amnesty.
"Members with at least three paid amortizations will have 90 percent of their penalties condoned if they pay in full,” De Quiros added.