SSS shifts to checkless benefit payout system
The state-run Social Security System (SSS) on Friday said it will no longer disburse benefit payouts to its members through checks.
SSS President and Chief Executive Officer Aurora C. Ignacio said lump sum disability, death and retirement benefits, including Employees’ Compensation (EC) disability benefit, which were previously released through checks, are now mandatorily released thru banks.
“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,”Ignacio said.
Under the program, lump sum benefit payments are remitted by the SSS to the member or claimant’s account in their preferred SSS-accredited bank.
As of writing, there are 67 SSS-accredited paying banks such as: Asia United Bank Corporation, Bank of the Philippine Islands, China Banking Corporation, Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Company, Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Company, and Union Bank of the Philippines.
A qualified member or claimant for any of the said benefit programs will now be required to present to the SSS a bank document with his/ her name.
Bank documents that may be presented are any of the following: a single savings account passbook, ATM card with name and account number, validated initial deposit slip or copy of bank certificate/statement, if the name of member or claimant and/or savings account number is not indicated in the ATM card or an accomplished Visa cash card enrolment form.
The bank certificate or statement shall be duly signed by the bank’s authorized signatory and shall contain the complete name