TAGBILARAN CITY, Bohol, September 26 (PIA) –Tagbilaran City based business establishments and entrepreneurs may have no problems with anything relating to mandated workers insurance and provident benefits next year.
This, as sources indicate that the city, under Mayor John Geesnell Yap, would be fully implementing mandatory clearances from Pag-ibig Home Development Mutual Fund, when businessmen start renewing business permits.
Pag-ibig Fund information officer Leonardo Cirujales, over at Kapihan sa PIA said the city regulation on mandatory enrolment of workers at Pag-ibig Fund is an assurance that workers would not be deprived of provident funds which they can use at emergencies.
Over the years, Tagbilaran City has been implementing mandatory clearances from the Social Security System (SSS) and GSIS for the processing of the annual permits for business operations in the city.
But, for Pag-ibig, since it became mandatory to all workers earning at least P1,500, the city did not require employees for the HDMF clearance, until this opening of the new calendar year.
By the city’s action, and when the Republic Act 9679 was signed into law, workers earning P1,500 and below are asked to contribute at least P100 monthly, while the employers share is 1% of the workers monthly earnings.
For workers earning over P1500, workers contribute to the Pag-ibig provident funds kitty some 2% of their monthly earnings while the employers share is 2% of the monthly pay.
This also affords workers in private business, establishments and government officials earning on honorarium a fund savings it can use for emergency needs and can be withdrawn as the member and employers complete 20 years of contributions.
The money workers can save becomes available to them in short term loans facility or a housing loan, according to Cirujales.
“We wish to appreciate the city government for thinking forward and making life for local workers easier,” Pag-Ibig shared.