SSS pension benefits go checkless

MANILA, Philippines — State-run Social Security System (SSS) has tapped the Development Bank of the Philippines (DBP) to speed up the disbursement of monthly pensions to its members and to eliminate the need for checks.

In a statement, the SSS said starting next month, regular pensions would be released through the DBP’s disbursement facility via the Philippine Electronic Fund Transfer System and Operations Network (PESONet), as well as accredited remittance companies and cash payout outlets.

SSS said this would allow pensioners to receive their monthly pension benefits through any PESONet participating bank or electronic wallets, such as Paymaya. They may also opt to pick up their cash via the DBP Cash Padala through M Lhuillier.

In line with this, pensioners currently receiving their monthly pensions through checks or non-PESONet participating banks are required to change their disbursement accounts on or before Oct. 31.

Pensioners who are confined in a penitentiary or correctional institution, as well as those receiving pensions through the special pension system and special voucher are exempted from this requirement.

The SSS said pensioners would shoulder service fees for the disbursement of monthly pensions through remittance centers or cash payout outlets.