#Pensions

The Social Security System (SSS), in partnership with the Development Bank of the Philippines (DBP) will facilitate the crediting of monthly pensions to pensioners' accounts and reduce disbursements with checks. From October 2020, regular pensions will be issued through the DBP’s disbursement facility via PESONet and DBP-accredited Remittance Transfer Companies or Cash Payout Outlets. With this disbursement method, pensioners may opt to receive their monthly pensions through their accounts in any PESONet participating bank and e-wallet such as PayMaya or cash pick-up arrangement via DBP Cash Padala through M Lhuillier. However, pensioners who are already receiving their monthly pensions through PESONet participating banks do not need to enroll their bank accounts to the SSS. Meanwhile, those who are receiving their monthly pensions through checks or non-PESONet participating banks are required to change their disbursement accounts accordingly on or before October 31, 2020. In order to receive pensions through PESONet participating banks, they must enroll their respective single savings accounts to the SSS. Do note that the pensioner will shoulder service fees for the disbursement of monthly pensions through RTCs/CPOs. Pensioners who are confined in a penitentiary or correctional institution and those receiving pensions via the Special Pension System and Special Voucher are exempted from the new disbursement method. Read more in our articles including "SSS to release pensions via PESONet, checkless disbursement channels" and "Courier Complaints Drop 88% Under Oplan Bantay Padala".