Banks will anticipate the payment of unemployment benefits

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

The purpose of this agreement is alleviate the negative impact this situation can have on disposable income of those affected and thus help alleviate the consequences of the coronavirus crisis on the most vulnerable groups, the signatories said in a joint statement.

The signed agreement sets out the procedure to be followed by entities that voluntarily join the initiative. It will have an initial duration of three months extendable for the same period. The interest rate applicable to the operation will be 0% and there will be no commission to carry out this operation, nor will any guarantee be required for its collection.

With this initiative, people unemployment benefit has been recognized by the SEPE they will not have to wait until the 10th of the following month to collect the benefit, as was being done so far.

The procedure to be followed is that the SEPE, after recognizing the benefit, must notify the financial institution, which from that moment will offer the advance directly to the beneficiaries so that they have money in advance and can thus deal with it. at their expense.

The potential beneficiaries of the advances considered in this agreement will be the workers who the SEPE recognizes a benefit or subsidy for unemployment from May 1, with retroactive economic effects at the beginning of this health crisis.

The AEB has stressed 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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