The personal voluntary pension contribution, shall be collected by the employer or deducted from the worker’s salary. The contributing unit shall then remit the personal voluntary contribution together with the mandatory contribution to the Bureau of Labor Insurance. The Bureau of Labor Insurance will then issue and mail two separate payment slips to the business unit for the payment of the personal voluntary contribution and the employer mandatory contribution, to notify the business unit of the required payment.
When an employer fails to labor pension contributions within the prescribed time limit or fails to make the full amount of the required labor pension contributions, the employer shall be subject to a late payment charge at the rate of 3% of the overdue contribution amount for each day of delay, commencing on the day immediately following the expiration of the prescribed payment period, and continuing until the day immediately preceding the settlement date; however, the total amount of the late payment charge shall not exceed the amount of the originally stipulated contributions.