Senior executives of the PAG-IBIG fund have urged employers with non-deductible contributions to their employees to take advantage of the agency’s penalty waiver program and settle their obligations, before and during the pandemic, which will be free of any monthly fine on late transfers.
The agency recognizes the important role the business community plays in allowing Filipino workers to obtain their memberships, and through this program, the agency provides the means for owners of Work to settle the untransferred Pag-IBIG contributions of their employees without penalty charges.
Meanwhile, CEO of the Pag-IBIG Fund, Akmad Rizaldi Moti, stated that the program is intentionally broad to help boost economic activity, as the program covers not only all Pag-IBIG contributions that have not been transferred by employers during the pandemic, but also Also includes all contributions. Contributions not collected even before the outbreak of the epidemic.
Rizaldy Moti ., CEO of Pag-IBIG Acmad Fund
“Aside from fines for 100 percent late transfers, employers who will not be able to settle their liabilities in full may also opt for a payment plan with a low monthly interest rate of 0.5 percent. If unpaid contributions are settled during the pandemic, or From March 2020 onwards, interest charges on payment plans will be waived.
He added that the Pag-IBIG Penal Tolerance Program being offered is more comprehensive in terms of coverage compared to the previous programs they implemented, as the program covers not only contributions that were not transferred during the Covid-19 pandemic, but also previous contributions of Covid-19. health crisis.
“With the favorable program terms, employers are provided with the means to update the monthly contributions of their employees while maintaining a healthy cash flow to maintain their operations,” Moti said.
“This is our way of helping the business community continue to recover from the effects of the pandemic as their support has been instrumental in allowing the Pag-IBIG Fund to achieve record levels in our membership savings pools over the past several years.”