by Maritess B. Beñas

BANGUED, Abra-Social Security System (SSS) members with delinquent loans are reminded to settle their arrears on or before June 30, 2011, the period within which the penalties of delinquent loans are condoned.
Abra SSS Branch manager . Benedicta Garcia explained over the local radio here that the loans covered by the special program are the short-term loans such as salary loans.

However, only the penalties are condoned. The principal of the loans are still subject to repayment.
Garcia enjoined SSS members with applicable loans to take advantage of this rare opportunity because such programs usually come only after every 10 years and there is even no assurance that it will be implemented again.

She stressed that unsettled loans continue to accumulate interests. She cited the possibility that when retirement age comes, the accumulated interests on their delinquent loans might even become more than the total amount that is due them upon retirement.

Garcia likewise clarified that this special program on penalty condonation is only for employees and does not cover the self-employed and voluntary members.

It can recalled that there had been a similar program for the self-employed and voluntary members in the past year. Those who failed to avail of the program especially implemented for them can no longer avail of the penalty condonation.

Garcia suggested that since the interests on their loans continue to accumulate, they start paying their loan amortizations now. She further advised the members concerned to consult the SSS office and make arrangements to facilitate their repayments. *(JDP/MTBB-PIA CAR,Abra)