Good news to all Pag-Ibig Fund members! A program called "Pag-Ibig Balik Savings 65" will help the members maximize their benefits. Launched in December 2014 under the then Vice President Binay, the program represents the total accumulated savings to several retired Pag-IBIG Fund members aged at least 65 years old. Although this program already existed years ago, more members are still not aware of this savings program.
Who are entitled for the program benefits?
Every member who never availed or claimed any Pag-IBIG Fund benefits who has reached the age of 65 who completed 240 months of contributions are eligible for the program.
Pag-IBIG will directly inform all its retired members aged 65 years and above who are found in its records that they may start claiming their Pag-IBIG savings. Members may receive their savings via their Land Bank CashCard or Pag-IBIG Citi Prepaid Card, or through check release if they prefer. The Pag-IBIG savings comprise of the member’s contributions, the employer counterpart share, and Pag-IBIG dividends earned throughout the years of one’s membership.
Are OFWs also entitled to avail of this program?
Yes. Since OFWs are under mandatory membership, they can also avail the savings program when they reached the age of 65 as long as they completed 240 months of membership. OFWs and migrant workers who are now based abroad can still avail of this program.
How much a member could possibly get from the "Balik Savings 65 Program"?
To illustrate, a member who continuously saved P100 with Pag-IBIG for the last 34 years, along with monthly counterpart from his employer, is set to have an estimated total accumulated savings worth P218,369.05.
A second member who saved P100 with Pag-IBIG, along with monthly counterpart from his employer, and withdrew his total savings due to membership maturity after his first 20 years of membership with the Fund and remittance of 240 monthly membership savings received P95,380.92.
If this second member later resumed saving P100 per month for the next 14 years, along with monthly counterpart from his employer, he may receive an estimated total accumulated savings worth P46,209.38.
The larger your contribution and the longer duration of your membership, the larger your benefit can be.
For members with existing loans at the time of claiming the benefit, the loan balance will be automatically deducted to their lump some savings benefit .
For more information about the "Balik Savings 65" program, you can visit the nearest pag-IBIG office in your area or log-on to their official web site at www.pagibigfund.gov.ph for inquiries.
This article is filed under: Pag-Ibig Fund, Pag-Ibig Contributions, Pag-Ibig Balik Savings
Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the destination for Filipino domestic workers who are seeking higher income.
SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below