Contributions of voluntary members in the Personal Equity and Retirement Account (PERA) reached P329.55 million in 2022, the central bank said on Tuesday. READ:
CONTRIBUTIONS of voluntary members in the Personal Equity and Retirement Account reached P329.55 million in 2022, the central bank said on Tuesday.
About 3,600 employed individuals contributed P223.71 million to the fund last year. This is followed by overseas Filipino workers and self-employed individuals who invested P60.58 million and P45.25 million, respectively. Republic Act 9505 or the PERA law was passed in 2008 with the goal of encouraging Filipinos to save up for their retirement through a voluntary investment product.
The PERA law also offers various tax incentives to contributors such as tax exemptions on earnings from PERA investments, a 5% income tax credit on contributions which could be used for paying income tax liabilities, and a tax-free distribution on qualified withdrawal of PERA investments.ve years, he or she can redeem the PERA investment free of taxes.
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