SSS explains the new schedule for monthly pensions
The Social Security System (SSS), since October 2020, has been following a new schedule for the disbursement of monthly pensions using the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other checkless disbursement channels.
The new schedule covers pensioners receiving their pensions through PESONet participating banks, e-wallets, and the Development Bank of the Philippines (DBP) accredited Remittance Transfer Company/Cash Payout Outlet – M Lhuillier.
Under the new schedule, the said pensioners with dates of contingency from the first to the 15th day of the month will receive their pensions on the 1st day of the pension month (first batch), while those with dates of contingency from the 16th to the last of the month will receive their pensions on the 16th day of the pension month (second batch).
If the credit date falls on a Saturday, Sunday, or a holiday, the pension will be credited to their accounts on the last working day before the Saturday, Sunday, or holiday.
September 2020 pensions
The SSS reiterates that pensions for September 2020 were already released to banks in mid-August 2020. These pensions were scheduled to be credited to their accounts on their dates of contingency – the old disbursement schedule.
After receiving the funds from the SSS, some banks are crediting them to their pensioner-client’s accounts ahead of the scheduled crediting date, which may be, but not limited to, the last week before or the first week of the pension month.
Pensioners, to double-check whether they have already received their September 2020 pensions, are advised to secure a Statement of Account from their depository bank; this could be the pension credited to their account on the 3rd to 4th week of August 2020.
They can also check their Pension Payments History by logging in to their My.SSS account at www.sss.gov.ph. The history can be accessed by clicking on “Inquiry,” followed by “Benefits,” then “Pension Details.”
October 2020 pensions
The SSS has already released all pensions for October 2020 through PESONet and other checkless disbursement channels as well as through the old disbursement method for non-PESONet participating banks and checks.
For releases through the new disbursement method, the SSS through DBP credited the funds to PESONet participating banks and other checkless disbursement channels last October 1 for the first batch and October 16 for the second batch, as scheduled.
November 2020 pensions
Through DBP, the SSS has already credited the first batch of November 2020 pensions to other PESONet banks before 12 noon on October 30, 2020. These PESONet participating banks are expected to make the said pensions available for withdrawal to their pensioner-clients on October 30 onwards.
The SSS is requesting PESONet participating banks to release the said benefit to pensioners as soon as possible if they still have not.
Pensioners are advised to contact their respective depository banks should there be any delay in crediting their pension as the SSS has already disbursed the funds.
Other stories:
