PSA: Pag-IBIG Fund Contribution Increase Takes Effect in February 2024

In a recent announcement, Pag-IBIG Fund has implemented a contribution increase for both employees and employers, set to take effect in February 2024. This adjustment, designed to double savings and increase cash loan entitlements for members, requires businesses to promptly adapt their payroll structures.

With the Pag-IBIG contribution increase, both the employee’s and employer’s monthly savings to Pag-IBIG Fund will be two hundred pesos (P200) each, up from the current one hundred pesos (P100). Simultaneously, the maximum monthly compensation used in calculating these savings will rise to ten thousand pesos (P10,000) from the previous five thousand pesos (P5,000).

Secretary Jose Rizalino L. Acuzar, head of the Department of Human Settlements and Urban Development (DHSUD) and the Pag-IBIG Fund Board of Trustees, emphasized the importance of these changes to meet the evolving needs of members. This aligns with the vision of President Ferdinand Marcos, Jr. to provide Filipino workers with improved benefits and opportunities for comfortable and productive lives.

As a proactive step, employers are urged to review their payroll procedures and make the necessary adjustments. While adapting payroll deliverables can be a complex task, businesses can ensure accuracy, compliance, and timeliness in implementing the new Pag-IBIG Fund rates.

To ensure timely and correct contributions, businesses can benefit from dedicated payroll experts. Companies looking for payroll services can turn to CloudCfo, which offers the expertise of dedicated payroll professionals to streamline the payroll process, ensuring accuracy and compliance with the updated Pag-IBIG Fund rates.

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