Pag-Ibig Waives Penalties for Non-Remittance

Home Development Mutual Fund (HDMF), popularly known as Pag-ibig Fund, reminds delinquent employers to settle their employees remittances not later than August 25, 2018 to avoid penalty.

The penalty condonation under Circular No. 387 applies to employers who have coverable employees whom they did not collect monthly savings from.

The employers must file an application and submit documentary requirements such as membership savings remittance form and payroll for applicable period.

If qualified, the employer must pay the full amount of the employer counterpart savings and the deprived dividends or through a plan of payment. It must be made within 30 days upon approval; otherwise, it will be forfeited.

If the employer cannot pay in full, it can submit a plan of payment provided that it shall be repaid over a maximum of 2 years with an interest of 0.50% per month. Penalty shall be re-imposed in case the employer fails to comply with the plan.

Upon application for penalty condonation, employers are required to remit savings for the current remittance period and the succeeding months. Or else, the corresponding penalty charges shall apply. (Bridgette May Bayhon/PIA7)