Presidential Decrees1 min read
Section 5December 14, 1980, Sec./Art. 5
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Fund Generation. The Fund shall be generated by the savings that the covered employees shall contribute for the purpose every month, and the equal amounts that the employers shall contribute, based on the following graduated percentages of basic monthly pay, to wit:
One per cent (1%) 1981;
Two per cent (2%) in 1982; and
Three per cent (3%) in 1983 onward;
provided, however, that for the purpose of this Act, "basic monthly pay" shall mean not more than P3,000.00.
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