The Social Security System (SSS) has extended to September 30, 2021 its deadline for pensioners to shift their disbursement accounts to participating banks or e-wallets under the Philippine Electronic Fund Transfer System and Operations Network (PESONet) or Remittance Transfer Companies/Cash Payout Outlets (RTCs/CPOs).
SSS President and CEO Aurora C. Ignacio said that as of April 2021, about 104,955 pensioners are not yet compliant with this requirement. Of this number, 91,476 are receiving their pensions through non-PESONet participating banks, while the remaining 13,479 get their monthly retirement income through checks.
The six-month extension from the previously announced deadline of March 31, 2021 came after the approval of the Social Security Commission Resolution No. 141-s.2021 dated March 24, 2021.
The SSS started the shift to using PESONet participating banks, e-wallets, and RTCs/CPOs as disbursement channels in October 2020 to provide a faster and more secure manner of releasing monthly pensions and eliminate disbursement through checks.
Ignacio said the extended deadline aims to give SSS pensioners more time to comply with this requirement while community quarantine protocols are still being implemented. This will also give accredited rural banks enough time to complete their applications to be included in PESONet.
Pensioners who have yet to comply with the new requirement will continue to receive their monthly pension following the old disbursement procedures and schedule.
Pensioners whose disbursement accounts are already with PESONet participating banks, e-wallets, or M Lhuillier (as accredited RTC/CPO of the Development Bank of the Philippines) will receive their monthly pensions based on the revised schedule provided under SSS Circular No. 2020-024.
The said circular provides for two batches of pension releases every month. The first batch is scheduled every first day of the pension month covering pensioners whose date of contingency is from the first to the 15th day of the month, while the second batch will be released on the 16th day of the pension month for those whose date of contingency is from the 16th to the last day of the month.
If the credit date falls on a Saturday, Sunday, or holiday, the pension will be credited on the last working day before it.
SSS pensioners who are confined in an institution such as penitentiary or correctional and those whose pensions are handled through the Special Pension System and Special Voucher are exempted from shifting to the new disbursement method.
To change their disbursements accounts, pensioners may view the complete instructions on the SSS Facebook page at //bit.ly/2HHaVi2. The list of PESONet participating banks can be accessed through the Bangko Sentral ng Pilipinas website at //bit.ly/3faxkAw.
For more information, follow the SSS on Facebook and YouTube at “Philippine Social Security System,” Instagram at “mysssph,” and Twitter at “PHLSSS,” or join its Viber Community at “MYSSSPH Updates.”
[Investing? Get MoneySense’s 2021 Investing Issue featuring investment guru Ron Acoba here]