What is a Provident Fund?
A Provident Fund is defined as a savings scheme consisting of contributions from both the employees and the employer (in monetary form from members-employees, in monetary or non-monetary form from the employers) which serve as a loan facility and provider of supplementary welfare to employees.
Is there a Provident Fund in the Department?
Yes. In reaction to previous audit observations by the Commission on Audit (COA) on the absence of a provident fund in the Department, efforts were made as early as the year 2013 for the establishment of a provident fund. After several attempts for registration, the DOJ Provident Fund was finally registered on 17 May 2017 with the Securities and Exchange Commission (SEC) under Company Registration No. CN201524676.
What is the objective of the DOJ Provident Fund (DOJPF)?
The objectives of the DOJPF are as follows:
1. To improve the quality of life and general welfare of its members;
2. To provide additional source of income and supplementary benefits upon separation from service.
Is membership in the DOJPF compulsory?
Membership in the DOJPF is voluntary.
Who may apply as members of the DOJPF and how does one become a member of the fund?
Any employee of the department, whether permanent or temporary, may be members of the Fund. Any employee intending to become a member may file an application form to be secured from the Secretariat. After approval of the application for membership by the Board, a membership fee of P200 shall be charged and a monthly contribution to be deducted from his/her salary.
What is the duration of membership?
A member of the Fund shall continue to be a member until his/her retirement, resignation, transfer to other office or his membership terminated.
What benefits may members expect at the moment?
Article IX of the By-Laws lists the following benefits that may be derived:
1. Privilege of member to avail loans (Sec 1);
2. Retirement Benefits (Section 3);
1. Separation Benefits
i. Separation due to disability (Sec 5)
ii. Separation for Cause (Section 4)
2. Death Benefits (Section 6)
3. Such other benefits that may be approved by the Board subject to the viability of funds, i.e, distribution of dividends, etc.
4. Death Benefits under the Mutual Aid fund under the 20-30-50 scheme
As the fund is relatively beginning, with 808 members as of June 2017, the immediate objective is to encourage membership of ALL department employees. Said foresight is not essentially to build capital but to provide the additional benefits to ALL employees particularly concerning the hospitalization and death benefits under the 20-30-50 scheme.
The Board is exploring the possibility of lowering the monthly contribution to as low as P50/monthly. Also under consideration is to include “passive” or non-active, non-voting members who may not want to pay monthly contribution but may nonetheless, on the basis of certain contribution to the fund, be entitled to minimum benefits from the DOJPF.
As regards investments, the Board is contemplating on investments with the best available yield to the fund at the least possible risk to complement the present investments in time deposits.
|DOJ PROVIDENT FUND BOARD OF TRUSTEES:|
|Chairperson: USEC. Naealla Rose M. Bainto|
|Vice-Chairperson: ASEC. Adonis P. Sulit|
|Atty. Jainito Roi C. Atis||Technical Staff|
|SC Rosario Elena L. Cuevas||Legal Staff|
|ASP Gilmarie Fe S. Pacamarra||National Prosecution Office|
|Mr. Emmanuel Lowell A. Pandaan||Financial Service|
|Mr. Cristian Andrew Q. Ibasco||Office of Cybercrime|
|Ms. Maria Alelie A. German||Office for Competition|
|Ms. Celestina P. Miñas||Administrative Service|
|Mr. Joey J. Angostora||Planning and Management Service|
|Ms. Imelda B. Dizon||Board of Pardons and Parole|
|Ms. Editha Cruz||DOJEA Representative|
|Ms. Leonyda Angostora||Secretary|
|Ms. Mignon T. Gonzales||Elected Auditor|
|Membership Application Form||Application for membership.|
|Membership Amendment Form||Amendment of membership details.|
|Loan Application Form||Application of loan.|