There is some good news for Pag lbig Fund members. There is a new program that is called Pag lbig Bailk Savings 65 that will help members get the most out of their benefits. This program began in December 2014 and was operated under Vice President Binay. The program totaled up the savings for all of the fund members that were retired and at least 65 years old. While this program has been around for a few years most members do not know that it existed.
Who will get benefits from this program?
Any member that has never made any claims or those that have reached the age of 65 and made 240 months of contributions may be eligible for this program.
If a retired member is eligible they will be contacted by Pag lbig. They will then be able to start to get these benefits. They may get benefits in a few different ways. They can get them through a Lank Bank Cashcard, a prepaid card from Pag lbig or they can get it in the form of a check.
The savings will comprise their contributions and anything that was contributed by the employer. The payee will get their benefits from their years of membership.
Can OFWs see the benefits from this program?
They can collect these benefits. They are there under mandatory membership. They are eligible for this program once they have reached the age of 65 and once they have completed 240 months of membership. The OFWs as well as the migrant workers that are living abroad can still get the benefits of this program.
How much in benefits can a member see from the Balik Savings 65 Program?
A member that has saved with the P100 program and has been with this company for the past 34 years and also had monthly contributions from their employer are going to have an estimated saving at P 218,269.05.
A second member that had a P100 saving and had monthly contributions from their employer but withdrew the total savings they had once the membership matured after 20 years and continued to save for 240 months will have a savings estimated at P 95,380.92.
If the second type of member resumed saving in the P100 account and they did so per month for 14 years and the employer also made a monthly contribution they will have savings that can be estimated at P 46,209.38.
The more money that you put into your savings and the longer that you are a member the larger benefit you can expect to see.
If a member already has an existing loan when they are looking to get their benefits they will not have to worry about the math. The balance of the loan will be automatically deducted from the total amount that they had saved.
If a member is looking for additional information on the Balik Saving 65 program they should visit one of the offices. They can also go online and check out
www.pagibigfund.gov.ph for additional information.