PAG-IBIG Fund offers various programs and benefits to its members. Basically, there are three programs/benefits that every qualified member should know such as short-term loan, housing loan and provident savings. In this post, we will discuss about provident savings that most people don’t know.
What is Provident Savings
As you became a member of PAG-IBIG Fund, you are required to pay your contributions. The contributions work like a time deposit account. It earns interest that is also withdrawable. Thus, if you avail provident savings, this means that you’re preparing for your future.
Read also: How to Apply for PAG-IBIG Loyalty Card
Every employer is required to pay the monthly contribution of his or her employees and it is mandated by the law. The PAG-IBIG Fund is responsible in keeping the savings of its members and use the money for various investments such as financing mortgage loans and real estate development projects. This is how your contributions grow and earn.
Read also: PAG-IBIG Multi-Purpose Salary Loan
The Provident Savings is the Total Accumulated Value that a member can claim in the future. The TAV is the total contributions and the dividend earned by your money.
How to Claim your Savings?
Applying for your provident savings involves following set of guidelines that sometimes can be irritating. Likewise, you should know whether you are qualified or not to apply for claims. Here are some pointers to consider:
- Membership maturity
Any regular member of the organization can apply for claims only upon maturity of the membership. The member should have made 240 monthly contributions or within 20 years. For OFW PAG-IBIG members, the maturity of membership is from 5 years to 20 years. If they plan to apply for the provident claim, they should bring their POP Passbook.
The retirement age is from 45 years old to 65 years old. The member should secure the important documents including the following:
- Notarized certificate of early retirement
- Two valid IDs or GSIS/SSS retirement voucher
- For Philippine Navy and AFP, an Order of Retirement, Statement of Last Payment, and Updated Statement of Service should be provided
- Separation from the service because of health reasons
The applicant should bring Physician’s certificate and notarized sworn employer’s certification. For private employee, a latest SSS disability voucher is required.
- Permanent disability or Insanity
In this case, the applicant should bring the important documents such as:
- Physician’s certificate of insanity
- SSS total disability voucher
- For Philippine Navy and AFP, a Statement of Last Payment, Updated Statement of Service, and Compulsory Disability Discharge Order should be provided
Before you visit any PAG-IBIG Fund branch near you, make sure to secure and have on hand the following important documents like:
- Completed application form or the APB form
- Two valid IDs
- Updated service record
- Special power of attorney