SSS

How to Update SSS Records When There is Changes to your Personal Information

July 2, 2017 By proudbrown

Update SSS Records – Any SSS member is required to update the data information or records for any changes such as marital status and beneficiaries.

The process is simple and all you have to do is to visit to the nearest SSS office and bring all the necessary requirements. Request for the SSS E-4 form, fill out and submit it including the requirements.

Here are the basic requirements in changing or updating your SSS records:

Change of membership type

SSS members who will change from employed to self-employed, you’ll just need to fill out the form, but no documents required. However, if you will change to non-working spouse, you will need to accomplish the Working Spouse’s Member Data Change Request form in which the name of the NWS is indicated.

Correction of name or date of birth

Requirements needed include;

Passport or birth certificate
Any two of the valid ID’s indicating the correct name and date of birth such as driver’s license, GSIS IC card, medical or health card, PAG-IBIG transaction card, ID card issued by LGU, PhilHealth ID card, Postal ID, PRC card, TIN card, Senior Citizen card and Voter’s ID card.

Correction of gender

Birth certificate of the applicant/passport
SS Form E-1 indicating the correct gender
For incorrect entry of gender in the birth certificate, you’ll need Court Order

Change of civil status

Marriage certificate or marriage contract if the member is changing civil status from single to married
Decree of Legal Separation if changing status from married to legally separated
If changing from married to widowed, the applicant is required to submit the death certificate of the spouse. In case of presumed death, the spouse should submit a Court Order declaring presumptive death
For reversion of status from married to single (for legally married), a Certificate of Annulment or Nullity of marriage is required. If the reversion is due to divorce, a decree of divorce should be submitted
If the applicant is not legally married, the applicant must submit an affidavit attesting to non-existence of marriage with the previously reported spouse, or a CENOMAR issued by the NSO

Update of beneficiaries/dependents

When adding your spouse as dependent, you’ll need to submit marriage certificate/marriage contract. Baptismal certificate or birth certificate is required if you will add your children as dependents

Aside from those details mentioned above, it is also important to update the bank information and contact number of the SSS member.

How to Avail the ASENSO Loan Program of SSS

July 1, 2017 By proudbrown

Being a member of SSS or Social Security System, you can enjoy the benefits of availing the loan programs including the salary and housing loan. But, for those who want to venture in a business or expand an existing one, there are other business loan programs that they can avail such as the ASENSO loan program.

What is ASENSO Loan Program

ASENSO loan program or the Access of Small Enterprises to Sound Lending Opportunities was formerly known as SULONG program. This program was initiated by the GFIs and conceptualized to provide SMEs or the small and medium enterprise the benefits to avail funds. Through this loan program, SMEs can apply for loans using simplified and standardized lending procedures.

Who can avail the ASENSO loan program?

Eligible borrowers include the following:

The applicant must be a good SSS member-employer
The business is 60% Filipino owned or registered as single proprietorship, corporation or partnership
With the current asset of P100 M not including the land value
The previous year’s income is positive
The debt-equity ratio after the loan should be 80:20
The business is not related to trading cigarettes and liquors, imported goods, quarrying, mining and other extractive business

Loan purposes

The fund from ASENSO loan program can be used for different purposes. For short term loan, you can use it for as a temporary working capital or for export financing.

For long term loan, the fund can be used for building construction, purchase of equipment and other inventories, purchase of lot and as permanent working capital.

Loanable Amount

If you will apply for short term loan, you should expect that the loanable amount is 70% of the working capital, but you can avail maximum amount of P5 million. This loan term is payable within a year and should be paid monthly.

For long term loan, the approved loanable amount is 80% of the project cost and may also reach the maximum amount of P5 million. It can be paid within five years and 1-year grace period of paying the monthly principal amortization.

Accepted collaterals

The accepted collaterals that you can use if you will apply for ASENSO short term loan include registered/unregistered Chattel Mortgage or Registered Estate Mortgage, Corporate Guarantee, Assignment of Lease Rights and Assignment of PO/LC.

For long term loan, you can use the Corporate Guarantee, Assignment of Lease Rights and Registered/Unregistered CM/REM as collaterals.

If you’re interested to avail this loan program, you can visit any SSS office near you for more information.

How Much SSS Pension you will Receive Base on your Monthly Contributions

June 26, 2017 By proudbrown

Recently, the President has signed the increase in pension for about two million pensioners of the Social Security System. The approved increase is about Php 1,000.00.

If you’ve been paying your monthly contributions for many years, it’s your right to know how much pension you would receive during your retirement.

However, many SSS members don’t know how the pension is computed. This rises an argument whether to pay only the minimum amount or the maximum amount of contribution.

Computation of Monthly SSS Pension

Definitely, the amount of pension that a member can expect depends of his or her paid contributions. The credited years of service is also considered and the number of minor dependent children.

There are three formulas that have been using when computing the monthly pension of the retirees such as the following:

The allotted amount of P300 added to 20% of the monthly salary credit added to 2% of the monthly salary credit for every credited year of service exceeding to 10 years, or
Forty percent of the monthly salary credit, or
If the credited year of service is at least 10 years but not exceeding to 20 years, the member pensioner can receive a monthly pension of P1,200. If the CYS is more than 20 years, the pensioner will receive monthly pension amounting to P2,400.

Unlike other benefits offered by the SSS, the computation of the monthly pension is based from the most recent or actual contributions.

Suggested post: How to Apply SSS Housing Loan for OFW

This means that if you’ll pay higher monthly contributions, most likely you’ll receive higher monthly pension when you retire.

On the other hand, massive increase to your monthly contribution is not allowed by the SSS. The increase should be adjusted gradually. This means that a member can only increase the monthly contribution once in a year and one salary bracket only.

It would be more beneficial to pay the maximum amount of monthly contributions so that you can also expect for higher monthly pension when you reach the retiring age.

According to a financial expert, it’s not a good idea to depend solely to the SSS for your retirement. This is true especially if your monthly contributions are low because the benefits that you’ll receive in the future would be insufficient for your retirement needs.

Therefore, if you want to receive higher monthly pensions in the future, the best thing to do is to start paying higher monthly contributions at an early age.

How to Apply SSS Housing Loan for OFW – Requirements and Qualifications

June 24, 2017 By proudbrown

The Social Security System is offering housing loan for Overseas Filipino Workers. It is one of the shelter program of the government aiming to provide low-cost and socialized housing to OFWs. If you’re interested about this program, read on.

Who Qualifies for the Housing Loan

An OFW must be a certified member of SSS
Must contribute at last 36 monthly premium and 24 continuous contributions prior of filing application
The member is not yet a senior citizen and must be insurable
The member has not been granted SSS housing loan in the previous years
Both the borrower and the spouse is updated in paying other SS loans

SSS Housing Loan Requirements

Just like applying for any housing loan, the borrower is also required to secure and submit the necessary requirements including the following:

The borrower should secure the original copy of the following documents:

Application for OFW housing loan and 1×1 ID photos of Principal applicant and her or his spouse
Certificate of Loan Eligibility
Certification from POEA/OWWA/DOLE/SSS or Philippine Consular Office or embassy
Contract to Sell or Deed of Sale stating the latest balance for purchase of house and lot or lot
Appraisal Report from accredited appraisal companies
Certificate of Acceptance and Occupancy
Notarized Special Power of Attorney

Original and photocopy of the following documents:

Updated Employer’s certification authenticated by the Philippine Consulate and updated Contract of employment
Owner’s copy of CCT/OCT/TCT
Certified true copy of CCT/OCT/TCT issued by Register of Deeds
Latest realty tax receipt and property tax declaration

The borrower will also be required to provide other pertinent documents including:

Blue print of the lot plan signed by a registered Geodetic Engineer or Surveyor
Blue print of building plans/picture of the house/specifications
Subdivision plan or tax mapping
12 postdated cheques covering 12 monthly installments
Affidavit of Undertaking to pay the monthly SSS Premium until the housing loan is fully paid

The OFW borrower can apply for maximum loan amount of P2,000,000.00 but may also varies depending on the appraised value and the capability of the borrower to pay.

The OFW housing loan is payable from 5 to 15 years. However, the age of the borrower during the loan maturity should not exceed 65 years old. Likewise, the loan term should be within the discretion of the SSS appraiser.

The interest rate is:

For P450,000.00 loan amount, the interest rate is 8% per annum
For up to P1,000,000.00 the interest rate is 9% per annum

The principal borrower can use collateral such as Original certificate of Title/Transfer Certificate Title. The SSS also accepts other residential properties to secure the loan. The OFW borrower can repay the loan through electronic bills payment options or bank transfer.