FAQs

FAQs on the One (1) Month Salary Credit

One (1) Month Salary Credit

LEVEL	SALARY CREDIT
Rank & File	P 20,000 or actual salary
Supervisor	P 25,000 or actual salary
TSO/Asst. Manager	P 60,000
Department Manager	P 75,000
Senior Manager	P 150,000
Executive	P 300,000

FAQs on the FREEDOM LOAN

How is the interest computed?

DETAILS	YEAR 1 (TERM LOAN)	YEAR 2 (SALARY LOAN)
LOAN AMOUNT	100,000	112,000
Interest (@ 12%/Annum)	12,000	13,440*
Total Loan Amount	112,000	125,440
Amortization per payday	None	5,226.67
Remarks	No Deductions for 1 year	First deduction is on June 25, 2023.

*interest rate of 1% per month depending on the no. of months the member will pay

What are the requirements?

Can I convert my outstanding loans to Freedom Loan?

Will the full loan amount be credited to my cash card/ payroll account?

What if I resign before June 2023, how much interest will I pay?

FAQs on the R Fund

What is the R Fund?

The R Fund or Retirement Fund is a new investment opportunity through SM SLAI. It is meant to be a separate investment for members who may want to set aside their dividends in a higher yielding fund over a longer period than what is available in our other fund vehicles.

How can I participate?

How is this different from the other funds – A Fund and B Fund?

What are the terms of the participation? Can I withdraw anytime?

What are the expected returns?

How can I check the value / status of my investment?

Minimum & max amount?

Amnesty Program 2021

1. Who are qualified to avail of the Amnesty Program?

All active regular employees of accredited member companies under the SM Group of Companies who resigned from SM SLAI last October 31, 2021, and prior are eligible to re-apply as members.

2. What are the requirements?

3. Can I send directly the forms to SLA Office?

4. Up to when can we apply for Amnesty?

5. Can we submit scanned copies?

6. How much can we contribute per payday for Savings and Capital?

7. Can I be a member without enrolling for savings?

8. Can we change the contributions after the initial enrollment?

9. How would I know if my application was approved?

10. It’s indicated in the requirements that applicant must submit an SLA Loan Application Form. Do I really need to apply for a loan upon membership?

11. How much is the Pre-Approved loan?

12. For sample, if I’m a Rank and File, how much can I file for loan?

13. Is there a need for co-maker?

14. Will I get the full amount of loan and where will it be credited?

15. How fast is the release of the loan?

16. When will my SLA cashcard be available?

17. If I filed my resignation before October 31, 2021 and my proceeds is not yet released due to some requirements, am I considered as resigned and needs to apply for Amnesty?

MECQ 2021 Loan

1. There were no loan collections for April 2021 and May 2021 (MECQ) for Rank & File to Department Managers. What will happen to the loan amortizations due during those months?

The unpaid loan amortizations (principal and Interest) during MECQ plus your past-due loans as of March 31, 2021, shall be totaled and amortized over 12 months.
These will be treated as a new loan and will be called MECQ 2021 Loan.

2. When will the collection for the MECQ loan start?

3. How will I compute the amount of loan to be deducted starting June?

4. Will I be charged penalties for unpaid loans during the MECQ period?

5. I have past-due loans prior to the MECQ. Will I incur penalties for non-payment while on MECQ (April /May 2021)?

6. Why is there a posted adjustment on May 28, 2021 in my loan ledger?

7. Can I make a lumpsum payment for the MECQ 2021 Loan?

8. My salary may not be enough to cover my future semi-monthly loan amortization. What are the other options for me so I won’t under pay my obligations?

9. I have loans outstanding but why didn’t I have adjustments in my loan ledgers and I have no MECQ Loan in my profile?

Unpaid Loans During the ECQ Period

1. There were no loan collections for April 2020 and May 2020 (ECQ). What will happen to the loan amortizations due during those months?

The unpaid loan amortizations (principal and Interest) during ECQ plus your past due loans as of March 16, 2020 shall be totalled and amortized over 12 months. These will be treated as a new loan and will be called ECQ Loan.

2. When will the collection for the ECQ loan start?

3. How will I compute the amount of loan to be deducted stating June?

4. Will I be charged penalties for unpaid loans during the ECQ period?

5. I have past-due loans prior to the ECQ. Will I incur penalties for non-payment while on ECQ?

6. Why is there a posted collection for May 30, 2020 in my loan ledger?

7. Can I make a lumpsum payment for the ECQ Loan?

8. My salary may not be enough to cover my future semi-monthly loan amortization. What are the other options for me so I won’t under pay my obligations?

9. I have loans outstanding but why didn’t I have adjustments in my loan ledgers and I have no ECQ Loan in my profile?