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

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

Posted on February 1, 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).

pag-ibig contribution increase table guide

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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DISCLAIMER: This article is strictly for general information purposes only. Nothing in this article constitutes or intends to constitute financial, accounting, regulatory or legal advice and must not be used as a substitute for professional advice. It is still necessary to consult your relevant professional adviser regarding any specific matter referenced above.

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If you want to know more about our tailored services and processes, drop us a line to discuss how we can help you to grow your business. We will respond to you within 24 hours.