SSS Forgives Delinquent Members

The Social Security System has approved a six-month “condonation program” which allows companies to settle the unpaid contributions of their employees without paying penalties.

This means employers can now remit their overdue contributions through SSS branch facilities, or SSS-accredited collection agents, or just submit their installment payments to their nearest SSS Branch.

Employers must avail of this program immediately becausethe offer is good for only six months. The Condonation program also offers companies the option to pay in cash or on installment basis.

Employers opting for the latter option must make a downpayment of at least five percent of their total delinquency. The first monthly installment will be due within thirty days after SSS approves their request which will be within five days upon submission.

With the approval of their proposal the employer must issue post-dated checks to cover all their monthly balances. Employers can pay their delinquencies for up to 48 months with a three percent annual interest rate as provided for by the condonation law.

The program covers only penalties of unremitted premiums before the condonation law took effect last February. Contributions that are due for the months of February 2010 onwards must still be remitted to SSS, on or before, the deadline which is the 10th day after the applicable month.

The SSS would reimpose penalties for employers who fail to remit their delinquency in full within the condonation period or default on their installment proposals.

The program will end on July 31, or six months after the law took effect last February 1.
(Source: SSS-Porf Salidaga)

Other News

Coco Pandemic Confirmed

SOCA Evaded Major Issues

Abaca Production down 50%

As I See It: What Is Their Platform

Comelect List of Local Candidates for the May 10, 2010 National Elections