Update on Pag-IBIG Contribution Rate Increase Set for January 2021
PAG-IBIG CONTRIBUTION RATE INCREASE – The proposed increase on the monthly contribution to Pag-IBIG Fund set for January 2021 is postponed.
Pag-IBIG Fund is one of the biggest government agencies in the Philippines. A huge part of the Filipino populace is a member of the government agency and contributes monthly to the agency.
Pag-IBIG is mainly known for its housing loan offers. It aims to provide affordable housing options to its members. A member may apply for the Pag-IBIG Housing Loan and enjoy the benefits of living under their own roof while paying light monthly amortizations.
Every month, Pag-IBIG Fund members contributes Php 100.00 to the government institution. Accumulated savings qualifies a member to the offers of the agency which have expanded now.
The Pag-IBIG Fund contribution rate has remained at Php 100.00 for several years. There’s a proposal for a hike to Php 150.00 in January 2021. Meanwhile, the authorities have decided to postpone the Pag-IBIG contribution rate increase.
The Pag-IBIG contribution rate increase postponement was announced by Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees Secretary Eduardo del Rosario.
According to Pag-IBIG Fund, the implementation of the hike is moved for one year so it is set in January 2022. The agency said that “the deferment applies to the share of the employers” as well.
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