[Finterest] Concentrix rolls out matched PERA for employees. Is it time to start yours?

In case you haven't heard of the hottest retirement savings program, PERA offers you a way to start investing for your retirement while getting tax advantages Concentrix Philippines is launching an employer-matched Personal Equity and Retirement Account (PERA) for its over 100,000 employees, marking a significant corporate push for this retirement product. The initiative aims to boost the adoption of PERA, which has seen a substantial increase in contributors, rising from 6,193 to 30,055 in a year, with total investments reaching P755.6 million. PERA is a voluntary retirement savings program that offers tax advantages, allowing contributions up to P200,000 annually for locals and P400,000 for overseas Filipinos, with tax credits and tax-exempt investment income. This is AI-generated. Read the article for full context. Report any errors. MANILA, Philippines – The Philippines’ biggest private employer is putting an increasingly used retirement product in front of tens of thousands of its workers. Concentrix Philippines is rolling out an employer-matched Personal Equity and Retirement Account (PERA) for its employees nationwide through investment platform DragonFi, potentially giving the government’s tax-advantaged retirement program one of its biggest corporate pushes yet. DragonFi and Concentrix described the initiative as the largest employer-matched PERA program offered to Filipino IT-BPM workers. Concentrix describes itself as the largest private employer in the Philippines across all industries, with over 100,000 employees in the country. Bringing PERA into a workforce this large could be a big boost for a retirement program that has yet to gain mass adoption but is quickly growing. By June 30, 2026, the number of PERA contributors had surged to 30,055, nearly five times the 6,193 recorded a year earlier, with combined investments reaching P755.6 million, according to Bangko Sentral ng Pilipinas data shared with Rappler. So what exactly is PERA? In a sense, PERA is the Philippine’s counterpart to tax-advantaged individual retirement accounts in other countries, like the 401(k) system in the US. Created under the PERA Act of 2008, it is a voluntary retirement savings program meant to supplement SSS, GSIS, company retirement plans, and a worker’s other investments. Money placed in a PERA can be invested in qualified products, including money market, bond, and equity funds. Note, however, you can’t pick individual stocks and bonds to be included in your PERA. One of its main attraction is the tax treatment. An employee or self-employed Filipino may contribute up to P200,000 a year, while overseas Filipinos may contribute as much as P400,000. Qualified contributions earn a 5% tax credit, meaning someone contributing the full P200,000 may receive up to P10,000 in tax credits. Investment income earned by qualified PERA investments is also tax-exempt, as are qualified retirement withdrawals. For those interested to open a PERA, just remember that it’s designed for retirement, not as a savings account that you can freely dip into. To make a qualified tax-free withdrawal, a contributor generally has to be at least 55 years old and have contributed for at least five years. Early withdrawals can trigger penalties and the repayment of tax incentives, with limited exceptions such as prolonged hospitalization or permanent total disability. – Rappler.com Finterest is Rappler’s series that demystifies the world of money and gives practical advice on managing your personal finances. How does this make you feel? Loading