The Social Security Corporation (SSC) called on establishments indebted to the corporation to benefit from the recent decision to reduce the interest rate of installments.

The SSC said in a statement Monday, that the reduced installment interest rate currently applied during the first phase is 5 percent for establishments that carried out and completed the installment procedures, which began on Sep. 20 and will end on Dec. 20.

The SSC added that this percentage will rise during the second phase to 6 percent for establishments that will complete the installment procedures which will begin from Dec. 21 until March 20, 2023.

The interest rate for installments in the third phase will be 7 percent for establishments and procedures will begin from March 21, 2024 until June 20 of the same year.

The installment interest rate in the fourth phase will be 8 percent for establishments and procedures will begin from June 21, 2024 until September 20 of the same year.

The SSC called on establishments to make the most out of this decision as the interest rate will return to what it was previously, at 9 percent, after September 20, 2024.

Approvals for installments and details in terms of duration and first payment will be according to the Social Security Law of 2015 and its 14th amendments.