SSS will suspend May pension to non-PESONet accounts

The Social Security System (SSS) will halt pension payments in May for those who do not have a PESONet account. SSS pensioners are given a longer period to change their bank accounts to PESONet-participating banks.

Last March 23, SSS President and Chief Executive Michael Regino released a circular reiterating the resolution released last March 9 by the Social Security Commission (SSC) pertaining to those pensioners who still receive their pensions through non-PESONet banks.

The SSC ordered on March 9 to suspend the pensions of members who do not or are unable to modify their disbursement accounts by March 31. The suspension will take effect on April 1st and will apply to the May pension.

The deadline has been extended numerous times by the SSS due to extended quarantine limitations and several banks’ requests to continue operating as disbursement channels while seeking to join PESONet, from the original cut-off date last October of 2020 to its new deadline, March 31, 2022.

The suspended pensions can be resumed once the pensioners enroll in PESONet banks or check-less disbursement channels.

PESONet is a simple, cost-effective, dependable, and secure electronic payments transfer service that allows governments and enterprises to pay each other and individuals. It is also a  convenient way for people to pay, transmit, or remit money to others, particularly for non-urgent transactions.

Source: SSS