SSS stops releasing benefits through checks
State-run Social Security System (SSS) said it will no longer disburse benefit payouts to members through checks and will instead release all claims through SSS-accredited banks.
In a statement, SSS president and chief executive officer Aurora Ignacio said lump sum disability, death and retirement benefits and Employees’ Compensation (EC) disability benefits – previously released through checks – are now mandatorily remitted through banks.
“This improvement allows the SSS to efficiently and safely administer the payment of benefits to its members and their rightful beneficiaries,” Ignacio said.
With the new system in place, Ignacio said qualified members or claimants for any SSS benefit program will now be required to present to the SSS a bank document with his or her name.
This may come in the form of a passbook, automated teller machine (ATM) card with name and account number, validated initial deposit slip or copy of bank certificate or statement.
“Members or claimants may also use their unified multi-purpose identification (UMID) card if it is enrolled as an ATM. These are UMID cards issued with EMV chips,” Ignacio said.
For members or claimants that have no existing single savings account, the SSS will issue them a letter of introduction for them to present to their chosen SSS-accredited bank.
On the other hand, Ignacio said the SSS may allow exemptions from the mandatory release of benefits through banks. These include cases when the address of the member or claimant is beyond 30 kilometers from the nearest SSS-accredited bank or in a high-risk area where peace and order is unstable due to the presence of armed conflict.
“Also, when the amount of benefit is P1,000 and below, or when the member or claimant is confined in an applicable institution, such as penitentiary, correctional institution or rehabilitation center, the member is not qualified for the check-less transaction,” the SSS said.
Similarly, when the member or claimant is physically incapable of transacting business with the bank, and when there are multiple legal heirs as claimants, they will be exempted, Ignacio added.
“The program has been really effective since its implementation. It is more convenient for our members since they do not have to wait for or get their checks and personally encash it at the assigned bank. They’ll just have to wait for their benefits to be credited to their respective accounts and withdraw it whenever they need it,” Ignacio said.
Currently, there are 67 SSS-accredited paying banks, including Asia United Bank Corp., Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, EastWest Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Philippine Veterans Bank, RCBC Savings Bank, Security Bank and Trust Co. and Union Bank of the Philippines.