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.
Your Trusted Partner for Seamless Payroll Services in the Philippines!
CloudCfo stands as the premier provider of comprehensive payroll services, specializing in catering to the unique needs of startups and SMEs in the Philippines. Our end-to-end payroll solutions ensure that your payroll processes are not only timely but also hassle-free.
Key Features of CloudCfo’s Payroll Services
Efficiency Through Technology
Our payroll experts leverage cutting-edge technology to streamline your payroll processing. With CloudCfo, say goodbye to manual, time-consuming payroll tasks.
Simple Submission Process
Just send us your timekeeping and attendance details, and we handle the rest. Our team translates all data into accurate and timely Payroll Registers, ensuring precision in every payment cycle.
Fast Processing and Electronic Payslips
We understand the importance of timely payments. CloudCfo generates payment files swiftly and distributes employee payslips electronically, making the entire process seamless for both employers and employees.
Statutory Compliance Expertise
CloudCfo takes care of all statutory compliance filings, including 1601C, 2316, 1604-C, Annualization, SSS, Pag-IBIG, and PhilHealth. Stay worry-free, knowing that your payroll complies with all relevant regulations.
Continuous Regulatory Updates
Our dedicated team of Payroll Experts stays abreast of all new laws and regulations in the Philippines. We ensure that your payroll processes align with the latest standards, keeping your business in good standing.
CloudCfo Web App
Manage all deliverables conveniently through the CloudCfo Web App. This ensures that your employees receive accurate and timely payments, every time.
Choosing CloudCfo as your payroll services provider means entrusting your payroll processes to a team of experts committed to delivering excellence. Experience the convenience and efficiency of our end-to-end payroll solutions tailored for businesses in the Philippines. With CloudCfo, payroll management has never been this seamless! Enquire about payroll services today.