Pag-IBIG Contribution Table 2023: Compute HDMF Contributions Easily and Accurately

Pag IBIG Contribution Table 2023 — Compute HDMF Contribution

As a responsible employee, it is essential to stay updated on the latest contributions and deductions related to your salary. One crucial aspect of your monthly paycheck is the Home Development Mutual Fund (HDMF), also known as Pag-IBIG Fund. The Pag-IBIG Fund is a government agency in the Philippines that provides affordable housing and savings programs for Filipino workers. To ensure that you are accurately computing your contributions, it is crucial to refer to the latest Pag-IBIG Contribution Table for the year 2023.

The Pag-IBIG Contribution Table outlines the different income brackets and corresponding contribution rates. It is important to note that both the employer and employee share the contribution, with the employee’s portion being deducted from their salary.

Here is the Pag-IBIG Contribution Table for 2023:

Monthly Compensation Employee Contribution Employer Contribution Up to Php 3,750 Php 50 Php 50 Over Php 3,750 to Php 5,000 Php 75 Php 75 Over Php 5,000 to Php 6,000 Php 100 Php 100 Over Php 6,000 to Php 7,000 Php 150 Php 150 Over Php 7,000 to Php 8,000 Php 200 Php 200 Over Php 8,000 to Php 9,000 Php 250 Php 250 Over Php 9,000 to Php 10,000 Php 300 Php 300 Over Php 10,000 up to the maximum Php 500 Php 500

To compute your HDMF contribution, follow these steps:

1. Determine your monthly compensation — This refers to your gross monthly salary before any deductions or taxes.
2. Locate your monthly compensation range in the table — Find the row in the table that corresponds to your monthly compensation.
3. Identify the employee and employer contributions — In the same row, you will find the employee and employer contribution amounts. These are the amounts that will be deducted from your salary and paid by your employer, respectively.
4. Compute your total contribution — Add the employee and employer contributions together to determine your total Pag-IBIG contribution for the month.

See also :https://pagibigmp2calculator.net/how-to-easily-file-a-pag-ibig-death-benefit-claim/

For example, if your monthly compensation is Php 9,500, your employee contribution would be Php 300, while your employer would contribute Php 300 as well. Therefore, your total Pag-IBIG contribution for that month would be Php 600.

It’s important to note that the maximum monthly compensation considered for Pag-IBIG contributions is Php 10,000. Even if your salary exceeds this amount, the contribution remains at Php 500 for both the employee and employer.

Remember, Pag-IBIG contributions play a crucial role in helping you secure a brighter future, as they contribute to your savings and eligibility for various Pag-IBIG Fund programs such as housing loans. By staying informed about the latest contribution table, you can ensure that you are meeting your obligations and maximizing the benefits provided by the Pag-IBIG Fund.

Conclusion

The Pag-IBIG Contribution Table for 2023 provides clear guidelines for computing your HDMF contributions. By referring to this table and following the steps outlined above, you can accurately determine your contribution amount based on your monthly compensation. Stay updated on any changes to the table to ensure compliance with the latest regulations and enjoy the benefits that Pag-IBIG Fund offers to Filipino workers.