Frequently Asked Questions (FAQ)

What is the UP Provident Fund?

The UP Provident Fund, Inc. (UPPFI) is a voluntary and supplementary retirement fund established by the University of the Philippines (UP) to augment the retire­ment benefits of UP employees. It also provides additional services to members such as loans and financial assistance, life insurance, and financial literacy. The Fund was approved by the UP Board of Regents in 1994 and registered as a non-stock, non-profit corporation with the Securities and Exchange Commission (SEC) in 1997.


Am I eligible to become a member?

All UP employees (regular, full-time, part-time, perma­nent, temporary, substitute, casual, or contractual) who re­ceive salaries from UP’s General Appropriations Fund are eligible for membership.

Emergency staff, graduate assis­tants, student assistants, non-UP contractuals, lecturers, and professors emeri­ti, however, are not eligible for membership. If you are unsure if you can become a member, simply inquire with a UP Provident Fund office near you to assist you on your membership inquiry.

At present, more than 10,000 out of 13,000+ employees across all UP campuses are members of UP Provident Fund. This means 3 out of 4 UP employees are currently members of the fund.


What benefits do I get as member of UP Provident Fund?

All UP Provident Fund members are entitled to receive the following benefits:

1. Each member automatically re­ceives P200 every month (P2,400 total every year) from UP as employer’s counterpart contribution. You receive this every month as long as you’re employed by the University and a member of UP Provident Fund.

2. The members’ personal contributions are pooled together to be placed in investment assets that generate earnings. In recent years, UP Provident Fund members had received his­torical returns of 4-8% per year. This is a much higher rate than leaving your money in a savings account or time deposit. (Please note, though, that this rate of return is not guaranteed.)

3. Every member is entitled to free life insur­ance coverage of P100,000. In case of death, your loved ones will receive this amount as a form of financial security to help them get through.

4. All members may avail of UP Provident Fund’s loan products, such as the Personal Equity Loan, Bridge Loan, Emergency Loan, and Balance Transfer Loan. Our loan products charge interest rates that are much lower than those charged by banks or credit cooperatives. In addition, UPPFI’s loan application is quick and easy and loan proceeds are disbursed in less than a week.

5. Upon your retirement, resignation, or separation from the University, you will receive a lump-sum amount comprised of your accumulated personal contributions, UP’s counterpart contributions, and share in the total earnings of the fund during the years you were a member of UP Provident Fund.


What happens when I become a member?

Members contribute monthly to the UP Provident Fund via salary deduction, while UP provides a counterpart contribution of P200 per employee per month.

All contri­butions are pooled together and invested in relatively safe investment assets such as government securities, time deposits, and triple-A-rated corporate bonds, among others. UPPFI also earns from the loans it provides to members. Every year, earnings of the Fund are distributed back to all UP Provident Fund members (similar to dividends).

Upon retirement or separation from UP, the member receives the full, accumulated value of his or her equity with the Fund.


How much do I need to contribute every month?

This is entirely up to you, but the minimum, is 1% of your gross basic salary. You may contribute a higher percent­age or any fixed amount from your gross monthly salary.

The only requirement is that your net take-home pay should not fall below the government-mandated net take-home pay. As of 2020, the Department of Budget and Management (DMB) mandates that the net take-home pay cannot fall below P5,000.00.

The more you contribute, the bigger your future savings — so set aside an amount you are comfortable to part with every month.


Can I put in my personal money aside from my salary?

No, contributions can only be made via salary deduction. This policy is in effect to institute fairness and equity among all members, regardless of salary grade and income status. Thus, contributions from outside sources are not allowed.


What do I get upon retirement or separation from the University?

Upon retirement or separation, you will receive — as a lump sum amount –your entire Member’s Equity which consists of the full, accumulated value of your total personal contribu­tions, UP’s counterpart contributions, and your share in the accumulated earn­ings of the Fund during your entire years of membership.

Please submit the Benefit Claims form and other required documents below so we can process your retirement or separation pay.


What are the requirements so I can receive my money upon retirement or separation?

To receive the full lump sum amount, you only need to submit a copy of your:

(1) Service Record;

(2) com­pleted University Clearance form; and

(3) Benefit Claims form (please click here to download the form).

Alternatively, if you do not have your Service Record or completed University Clearance yet, you may already request to receive the portion of your personal contributions simply by filling out our Benefits Claim form.

Once you have submitted the Service Record and completed University clearance, the remainder of your Member’s Equity (i.e., UP contributions and your accumulated share in the earnings of the fund) will be disbursed to you in full.


Will there be deductions or fees if I won’t immediately claim my retirement/separation benefits?

Yes. Please note that if your Member’s Equity is not claimed within six (6) months from the date of retirement or separation, monthly maintenance and dormancy fees will be charged to your account. This could reduce the total amount of benefits that you will receive.

Still, UP Provident Fund allows retiring or separating members (who cannot submit the complete requirements yet) to withdraw their member’s contribution. Please use the Benefit Claim Form to Withdraw Member’s Contribution in this case. You will be allowed to withdraw the total of your member’s contribution and we will temporarily hold the release of your earnings and UP’s contribution — all of those will be disbursed to you upon submission of the complete requirements.


Can I withdraw my money anytime prior to retirement?

Yes, but you are only allowed to withdraw your personal contri­butions and earnings thereon (net of tax). You will also be charged a 10% withdrawal fee on the accumulated earnings. The counterpart contribu­tions from UP and earnings thereon can only be with­drawn upon separation from the University (that is, via retirement, resignation, or death).

Take note that withdrawal of your money is tantamount to termination of membership. This means all benefits accorded to you as a member of UP Provident Fund will cease.

To withdraw your money, simply fill out an application form for withdrawal and submit a photocopy of your UP ID.


Can I withdraw only a portion of my personal contributions?

No. Once you decide to withdraw your personal con­tributions, you must withdraw the entire amount in your account.

Please note that doing so is tantamount to termination of your membership with the UP Provident Fund. You will therefore lose all rights, benefits, and privileges given to members.

However, your accumulated UP contributions and earnings thereon will remain with the Fund and can be claimed upon separation from the University, subject to vesting rights.


Can I still become a member after withdrawing my contributions?

Yes. All you have to do is reapply for membership by filling out the membership application form and paying a readmis­sion fee of P500, if you are reapplying within one year from the date of your withdrawal.

If you reapply after one year from the withdrawal date, there is no more readmis­sion fee.