Pag-IBIG gears up for membership maturity

Pag-IBIG Fund, one of the country’s most stable financial institutions, is gearing up for the refund of provident benefits by members whose membership with the fund will mature this year.

Membership maturity refers to the end of the 20-year period when a member may claim his savings from Pag-IBIG provided he has completed 40 monthly contributions.

It is one of the grounds for withdrawal of the members’ total savings with the fund. Total savings are equivalent to the member’s personal savings, his employer counterpart contributions (if any) and all dividend earnings.

Members who are qualified to withdraw their provident benefits due to membership maturity may file their applications through their employers or their fund coordinators. Release of checks shall be through their employers or the Cash Division of the concerned Pag-IBIG office.

According to Pag-IBIG president and chief executive officer Manuel Crisostomo, Pag-IBIG Fund has long prepared for this event. A reserve fund has been set aside to cover payments due to maturing Pag-IBIG members nationwide estimated at over 340,000.

The Pag-IBIG Provident Savings program is a fast, easy and affordable way to saving for a member’s future. Per Republic Act 7742 all members of the SSS and GSIS who are earning at least P4,000 a month are mandated to join Pag-IBIG. Employers are likewise required to provide counterpart contributions equivalent to 2 percent of the employee’s monthly compensation.

A Pag-IBIG member may withdraw his savings upon occurrence of any of the following: membership maturity, retirement, permanent departure from the country, permanent/total disability, insanity, termination from service due to health reasons, or upon death of the member.