MANILA - The Social Security System on Thursday said it would release pensions through PESONet and eliminate distribution through checks to expedite monthly crediting.
Starting October 2020, regular pensions will be released through the DBP's disbursement facility via the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and DBP-accredited remittance transfer companies/cash payout outlets, the state-run pension fund said in a statement.
Pensioners can choose to receive their monthly payout through their accounts in any PESONet participating bank and e-wallet provider such as PayMaya or arrange cash pick-up via DBP cash padala through M Lhuillier, the SSS said in a statement.
Those receiving their pension through PESONet participating banks no longer need to enroll their accounts, the SSS said. However, those receiving checks or from non-PESONet participating banks are required to change their accounts accordingly on or before Oct. 31, it said.
"To receive pensions through PESONet participating banks, pensioners must enroll their respective single savings accounts to the SSS. For e-wallets, they must enroll their mobile number linked to their account, while for RTC/CPO, they must also register their mobile number where they prefer to receive the reference number," the SSS said.
The SSS said pensioners would be notified of the changes through their registered email or mailing address.
Members can check the list of PESONet participating banks on the official website of the Bangko Sentral ng Pilipinas.
Members can reach out to SSS branches in local and foreign offices or the SSS branches tab on its mobile app.
REVISED SCHEDULE OF MONTHLY PENSION
Monthly pensions will be released every 1st day of the month to pensioners whose date of contingency is from the 1st up to the 15th day of the month, the SSS said in a circular dated Sept. 22.
Monthly pensions will be released every 16th day of the month to pensioners whose date of contingency is from the 16th up to the last day of the month, it added.