Guide on SSS Calamity Loan Amount 2024 for Members
SSS CALAMITY LOAN AMOUNT 2024 – Here is a guide on the loanable amount under the loan offer of the Social Security System for its members.
Calamities are among the hardest to accurately predict and impossible to prevent. In the Philippines, there is usually a long list of typhoon occurences as well as shaking due to earthquakes in a year. Unfortunately, there is often a devastation in some areas in a year.
Considering that natural disasters cannot be stopped, one good move to make is to prepare for safety nets that you can turn to in case its impact has left you in a deep financial challenge. It would be beneficial to maintain an active and updated membership to the Social Security System.
More popularly called SSS, the Social Security System is one of the state-run social insurance institutions that offer a Calamity Loan. It has millions of members across the nation thus millions of individuals may also benefit from its loan offer.
The SSS Calamity Loan was designed as a turn-to for members during times when a natural disaster has left their area in a State of Calamity. The SSS Calamity Loan amount can help them in recovering from the impacts caused by the natural disaster.
How much is the SSS Calamity Loan amount 2024? According to the state-run social insurance institution, the loanable amount is equivalent to one (1) monthly salary credit (MSC). To compute your MSC, get the average of the last 12 monthly salary credits that you have posted rounded up to the nearest thousand or the amount you applied for, whichever is higher.
Who are qualified to apply for the loan offer? Here are the eligibility requirements set under the Calamity Loan offer:
- a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
- at least 60 years old upon the filing of the loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- has updated payments in case of existing loans with the SSS
There are also documentary requirements for the SSS Calamity Loan 2024 application process. The list would depend if the SSS member will be the filer of the loan application or the loan application will be filed by an authorized representative.
