Republic Acts1 min read
Section 13August 22, 2008, Sec./Art. 13
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Penalty on Early Withdrawal. - Any early withdrawal shall be subject to a penalty, the amount of which would be determined by the Secretary of Finance and payable to the government: Provided, That the amount of the penalty shall in no case be less than the tax incentives enjoyed by the Contributor.
No early withdrawal penalty shall be imposed on any withdrawal of any funds for the following purposes:
(a) For payment of accident or illness-related hospitalization in excess of thirty (30) days; and
(b) For payment to a Contributor who has been subsequently rendered permanently totally disabled as defined under the Employees Compensation Law, Social Security Law and Government Service Insurance System Law.
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