BSP Speaks on Boost on PERA Contributors
BSP – Bangko Sentral ng Pilipinas said that more Filipinos save for retirement citing the increase in the contributions to PERA.
Many people now are wise and practical enough to save not only for the near future but for the retirement years. A lot of individuals want to secure that they have something to turn to when the time comes that they have to depart from the employment field.
Most people working in the government are members of the Government Service Insurance System (GSIS) while those who are employed in the private sector and who run businesses of their own are under the Social Security System (SSS). Both government agencies offer retirement benefits under certain qualifications.
Aside from a GSIS or SSS membership, you may also contribute to PERA, the retirement program offered by Bangko Sentral ng Pilipinas (BSP).
Based on a report on ABS-CBN News, BSP said that more Filipinos are saving for their retirement now as the PERA contributors increases. It grew by 62% in September compared to the same period last year.
The data from the Central Bank showed that the total contributions under PERA in September reached P237 million. It attributes the increase to the bank and its partner providers’ promotion of the retirement program for Filipino families and as well as the overseas Filipino workers (OFWs).
According to BSP, as of the 3rd quarter of 2021, the total PERA contributors is 4,001. Out of the said total, 2,827 are full-time employees while 590 are self-employed. Based on the report, there are 584 OFWs who contribute under PERA for their sunset years.
Central Bank Governor Benjamin Diokno said that they continue to actively promote “financial security” to Filipinos by preparing for their retirement years and setting aside funds for the future through a retirement program that is tax-free upon redeeming of your investments.
You may also visit – Manulife Retirement Insurance: Features & Benefits of “Freedom” Plan Offer
