Pursuant to the approval of the Board of Trustees on its 2023-01 Regular Board Meeting held on 16 February 2023 regarding the Implementation of Increase in the Membership Savings in a Single Tranche or an Increase in the Maximum Fund Salary (MFS) in the year 2024, and the approval of the Senior Management Committee (SMC) held on 13 June 2023 on the Guidelines on the Pag-IBIG Fund's Implementation of Increase in the Monthly Membership Savings for 2024, the Guidelines on the Pag-IBIG Fund's Implementation of Increase in the Maximum Fund Salary (MFS) Effective February 2024 is hereby issued:
"Fund Salary" shall refer to the basic salary and other allowances, where basic salary includes, but is not limited to, fees, salaries, wages, and similar items received in a month. It shall mean the remuneration or earnings, however designated, capable of being expressed in terms of money, whether fixed or ascertained on a time, task, or piece or commission basis, or other method of calculating the same, which is payable by an employer to an employee or by one person to another under a written or unwritten contract of employment for work done or to be done, or for services rendered or to be rendered.
The maximum fund salary to be used in computing the employee and employer savings has been increased from Five Thousand Pesos (P5,OOO.OO) to Ten Thousand Pesos (P10,OOO)taking into consideration financial calculations and rates of benefits in accordance with Section 7 of Republic Act No. 9679.
Employers shall remit two percent (2%) of the monthly Fund Salary ofthe contributing member as counterpart contribution. The employer is not entitled to deduct from the wages or remuneration of or, otherwise, to recover from the employee the employer's contribution.
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