IO Retirement and Savings Fund FAQs
IO Retirement Fund Types
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FUND A
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FUND B
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FUND C
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| FUND COMPOSITION |
One half (1/2) salary for every year of service
+
One twelfth (1/12) of the 13th month pay
+
Cash equivalent of not more than 5 days of Service Incentive Leave
|
100% of Employee Accumulated Value (EEAV*) | 100% of the Employer Matching Accumulated Value (EMAV*) |
| *EEAV - voluntary contributions plus corresponding investment earnings and losses (NET of taxes and expenses) | *EMAV - IO's matching contributions in the member's favor, if any, plus the corresponding investment earnings and losses (NET of taxes and expenses) | ||
| ELIGIBILITY | IO Regular Employee | ||
| CONTRIBUTIONS | Paid by IO only | Member voluntary contribution** | IO matching contribution*** up to a maximum of 5% of your net salary. |
| MECHANICS for VOLUNTARY RESIGNATION | Less than 15yrs - Fund is Forfeited 5yrs (Retirement Age) - 100%, tax exempt 15yrs (Not Retirement Age) - 75% subject to applicable taxes |
100% of EEAV | Years of contribution in Fund B: Less than 2yrs - 0% 2-4yrs - 10% 4-6yrs - 25% 6-8yrs - 50% 8 yrs and up - 100% |
| FUND FORFEITURE | a) member reached the retirement age (60 years old) and have not rendered at least 5 years of service b) member resigned before the retirement age (60 years old) and have not rendered at least 15 years of service |
N/A | Less than 2 years of contribution in Fund B upon voluntary resignation |
| FUND VESTING | 15yrs of Service | N/A | 8yrs of Service |
** You can voluntarily contribute to Fund B any percentage of your salary every month provided that the net salary is not less than the net income as prescribed under the Labor Code
*** The Company will match your contributions by making additional contributions up to a maximum of 5% of your net salary.
IO Retirement Savings Fund Calculator
You may use the Retirement Fund Savings Calculator in order to determine how much you would like to contribute:
Enrollment
A. Who are eligible for the retirement/savings plan?
All regular employees of Infinit-O are eligible for the retirement/savings plan
B. When is the enrollment period or the retirement savings plan?
Enrollment periods are every June and December of the year
Special announcements are released when enrollment outside the general enrollment period is open
When an employee becomes regularized
C. How do I enroll for the retirement/savings plan?
Please obtain the following documents:
2. An email confirmation for the enrollment and deduction schedule will be sent for your reference.
4. For questions/clarifications, please send a ticket.
D. Where can I read the policy for retirement fund/savings plan?
- You can check this through the Zoho Support Portal:
Update Request
1. For requests to change your pledged amount, please send it your request as a ticket.
2. Indicate the change you want to request, if to increase or decrease your pledged amount.
3. Please wait for a confirmation email regarding your request.
Withdrawal Request
2. Please wait for a confirmation email regarding your request with the timeline for crediting of the amount for withdrawal.
Reminder: Withdrawal may only be done once a year and the member will need to enroll again for the retirement/savings fund after if they wish to participate again.
Frequently Asked Questions (FAQs)
Will I get retirement benefits in the event of involuntary separation?
In case we sever ties with you, you're still entitled to an amount determined with the Labor Code or the benefits from Fund A, whichever is greater. You cannot be entitled to both.
Involuntary separation include:
- Labor-saving devices
- Redundancy
- Retrenchment program
- Closure or cessation of business units
- Any cause that is not the Member's doing
Are there any tax exemptions?
Any Retirement Benefit Plan is totally tax-exempt only when the Member has been in service of the Company for at least 5 years and at least 60 years old at the time of retirement
How much will I get if I am dismissed with just cause?
In case a Member is dismissed due to the following:
- With just cause in accordance with the Labor Code
- Leaves the Company to avoid termination of service based on just cause
- Leaves the service in breach of the Company Handbook
- Commits anything harmful to the company
- Commits acts or omissions comparable to the above
They get 100% of their accumulated value in Fund B, if any
I want to transfer to IOL/IOM, can my benefits be carried over?
Yes! Your membership and retirement credits may be transferred to another Participating Company.
Are our retirement funds taxable? What is the basis for tax deductions?
Yes, retirement funds are taxable. Reports may be requested from the F&A Team.
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