The country’s two state-run pension funds on Tuesday (April 7) announced relief for members with loans and those in the private sector worrying about meeting the deadline of their regular contributions.

In a statement, Government Service Insurance System (GSIS) president and general manager Rolando L. Macasaet said the GSIS board of trustees approved a three-month moratorium on loan payments that fall due in March, April and May.

Loan payment collections would resume on June 1 without penalties or added interest, the GSIS said.

GSIS pensioners will also benefit from the loan payment moratorium, Macasaet said. There would be no deductions for loans from their pensions in May.

GSIS members with housing loans would also be given reprieve from payments.

Macasaet said only those with loans which had been on default as of Feb. 29 are required to pay.

Social Security System (SSS) president and chief executive Aurora C. Ignacio said the deadline to pay monthly contributions was extended until June 1.

“We recognize the difficulty encountered by our members and employers in paying SSS contributions,” Ignacio said.

Over the counter services in SSS branches had been suspended and some banks are operating in limited capacity, she said.

Ignacio urged members and household and regular employers to pay SSS contributions online.

Edited by TSB


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