Pension fund opens additional teller facilities nationwide

MANILA, Philippines - The state-led pension fund for private Filipino workers opened additional teller facilities in 13 branches nationwide, making it easier for members to remit their contributions and pay for their loans. New payment outlets will allow Social Security System (SSS) members to transact with 88 branches all over the country, newly-installed SSS President and Chief Executive Officer Romulo Neri said in a statement. “Payments in branch offices are processed and posted as quickly as those paid at the Diliman branch within our main office in Quezon City," he said, dismissing speculation that transactions are recorded faster at the head office. Branches which started accepting payments this year include Marikina and Pasay-Roxas Boulevard (Metro Manila); Masbate; Rosario-EPZA (Cavite); Virac (Catanduanes); Antique; Kabankalan and San Carlos (Negros Occidental); Roxas (Capiz); Surigao del Norte; Mati (Davao Oriental); Toril (Davao del Sur); and Basilan. Neri said contributions paid at SSS branches reached P34.55 billion from January to June 2008, with the newly-opened tellers collecting a total of P225.66 million in just six months. The deadline for contributions fall on the 10th day of the following month for employers, and on the 20th day after the applicable month or quarter for self-employed and voluntary members. Overseas Filipino workers are allowed to remit their contributions for January to September until December 31 of the same year, and their payments for October to December would be accepted until January 31 of the following year. SSS loan borrowers should remit amortizations on or before the 10th day after the applicable month to avoid a one-percent monthly penalty. The SSS resets deadlines to the following working day if they fall on a weekend or holiday. - GMANews.TV