Unapproved Granting of Provident Fund Employer's Share
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe NHA gave its employees a provident fund contribution without getting the necessary approval from the President's office, which is required by law. The COA says they should stop until they get that approval.
Why It Matters
Recommended Actions
- Stop the grant of PF employer’s share to officers and employees until an approval from the Office of the President is sought.
Original Audit Finding Excerpt
"The granting of Provident Fund (PF) employer’s share to officers and employees amounting to P19.055 million for the period May to December 2022 and P28.739 million for CY 2023, totaling 47.794 million upon implementation of NHA of the Compensation and Position Classification System (CPCS) without approval from the Office of the President is contrary to Item VIII of CPCS for the GOCCs covered by RA No. 10149 under EO No. 150."