Wednesday, January 20, 2016

SSS taps GCash for members’ contribution and loan payments

Social Security System (SSS) members can now pay their contributions and monthly amortizations for salary and real estate loans using Globe GCash, a virtual wallet service offered by Globe Telecom that enables users to carry out financial transactions using their mobile phones.

SSS Officer-in-Charge of the Service Delivery Department Renato N. Malto said the GCash payment scheme is available for SSS members registered as self-employed or voluntary, including non-working spouses, overseas Filipino workers (OFWs), and farmers and fisherfolk.

“GCash offers a fast, convenient and hassle-free means for paying SSS contributions and loans. The GCash system would send a text message to confirm the receipt of the SSS payment, and the contribution or loan payment would be posted in the SSS database on the following day,” Malto said.

Over nine million self-employed and voluntary members are registered with the state-run pension fund at present. Of these, about 4.57 million are self-employed individuals, while 4.64 million are voluntary members, including OFWs.

An SSS member must have a prepaid or postpaid Globe or Touch Mobile account to gain access to the GCash payment facility. To register, the member can dial *143#, select GCash, and key in the needed personal data, or simply download the GCash mobile application and complete the enrollment procedure.

“The GCash system requires the use of a Personal Identification Number during every transaction to ensure that the funds in the member’s mobile wallet are kept safe and secure. No transaction fee is also charged on the member’s account for SSS contribution and loan payments through GCash,” Malto noted.

Apart from SSS payments, GCash users can use their virtual wallet for purchasing load credits, shopping online, transferring funds and paying bills. Members can deposit funds into their mobile wallet through GCash outlets, mobile phone banking and online bank transfers, among others.

Self-employed and voluntary members can pay their contributions monthly or quarterly, with the payment deadline based on the 10th digit of the member’s social security or “SS” number. The cut-off date falls on the 10th day after the applicable month or quarter if the 10th digit is 1 or 2; the 15th day if 3 or 4; the 20th day if 5 or 6; the 25th day if 7 or 8; and on the last day of the month if 9 or 0.

“OFWs, however, are given more flexible deadlines. They can pay their voluntary SSS contributions for January to December any day within the same year, while their October to December payments are accepted until January 31 of the following year,” Malto explained.

Self-employed and voluntary members can pay their monthly contributions in advance, but these are only considered for the computation of loans and benefits when the month corresponding to the payment has transpired. Retroactive payments, or those paid after the deadline has lapsed, are disallowed.

Meanwhile, SSS loan payments strictly follow a monthly schedule, with the cut-off date also based on the 10th digit of the member’s SS number. Late loan payments are charged a one percent monthly penalty


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