The Social Security System (SSS) will soon adopt an electronic system of disbursing salary loans and other claims for SSS benefits, through a tie-up with Citibank.
The new system will supersede the old practice of issuing checks to disburse payments to SSS members.
SSS president Emilio de Quiros, Sr. said Citi Prepaid Cards will be issued to members of the pension fund within the second half of the year, adding that the move is expected to provide more convenience and ensure timely delivery of funds to claimants and borrowers.
Citing incidents like theft, late delivery, and delivery to wrong addresses, de Quiros said that “the ultimate goal is to institutionalize check-less transactions to eliminate problems that might occur in sending checks through the mail.”
Under the electronic system, employees and employers no longer have to go to a bank to encash or deposit checks nor wait for the required check-clearing period. This is especially advantageous for province-based members since issuance of checks is centralized in the SSS main office in Quezon City.
The e-cards, which will be issued at no cost to members, will be valid for a three-year period and accepted in automatic teller machines (ATMs) and debit transactions under the combined networks of Bancnet, Megalink, Maestro, Cirrus, Mastercard, Visa, and Plus.
Earlier, the SSS has made the release of mandatory reimbursements and maternity leave benefits more convenient through bank accounts.
Photo: “Social Security Card – Illustration” by DonkeyHotey, c/o Flickr. Some Rights Reserved