Banks anticipate payment of unemployment benefits

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TheMinistry of Labor and Social Economyand the State Public Employment Service (SEPE) have signed a collaboration agreement with the banking associations AEB, CECA and UNACC by which credit institutions may advance the payment of unemployment benefits to people affected by the current health crisis of the Covid-19.

The objective of this agreement is to alleviatenegative impactthat this situation can provoke in the disposable income of those affected and thus contribute to alleviating the consequences of the coronavirus crisis on the most vulnerable groups, the signatories in a joint statement highlight.

The signed agreement sets the procedure to be followed by entities that voluntarily adhere to the initiative. Will have ainitial duration of three months extendablefor the same period. The interest rate applicable to the operation will be 0% and there will be no commission for carrying out this operation, nor will any guarantee be required for its collection.

With this initiative, people whoseunemployment benefithas been recognized by SEPE, they will not have to wait until the 10th of the following month to collect the benefit, as has been done up to now.

The procedure to be followed is that the SEPE, after acknowledging the benefit, will notify the financial institution, which from that moment will offer the advance directly to the beneficiaries so that they have the money in advance and can thusmeet your expenses.

Potentialsbeneficiariesof the advances considered in this agreement will be the workers that the SEPE recognizes an unemployment benefit or subsidy from May 1, with retroactive economic effects at the beginning of this health crisis.

The AEB has highlighted in a statement that“once again”credit institutions have offered their full cooperation to the authorities to alleviate the economic effects of the health crisis.

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