LETTER OF IMPLEMENTATION NO. 150

: The Letter of Implementation No. 150 took effect on January 2, 1984.
: ECC-SSS members who were laid off on or after September 1, 1983, and can submit proof of their separation from employment are eligible to apply.
: The member must have rendered an aggregate service of at least one (1) year.
: A one-month emergency loan shall be repaid within one (1) year.
: Two (2) or three (3)-month emergency loans shall be repaid within two (2) years.
: The loans bear a simple interest rate of five percent (5%) per year and the interest shall not be deductible in advance.
: No service fee shall be charged and any previous loan balance shall not be deducted from the new loan.
: Loans are released in two (2) installments for two-month loans and three (3) installments for three-month loans. Subsequent releases require certification that the borrower is still unemployed.
: The member must notify the SSS immediately if re-employed under the same employer or notify the SSS if re-employed under a different employer.
: It applies only to ECC-SSS members laid off due to the present economic crisis, as certified by their employer or by any other proof of termination or loss of employment.
: No, members separated before that date are entitled only to a one-month salary loan under existing SSS policies.
: Applications may be processed at the Main Office or any regional, provincial, and district offices of the SSS.