MEMBERSHIP

Posted Posted in Membership
  • Who are the members of MEMABA?
    • Regular employees of the MERALCO and MEMABA
    • Regular employees of MEMABA
    • Retirees of the MERALCO
    • Regular employees of MERALCO subsidiaries and affiliates

 

  • Monthly Membership Contribution
    • One Hundred Twenty Pesos (Php120.00) every month
    • Members aged eighty (80) years old and above are exempt from paying monthly contributions.
    • The membership contributions may be adjusted by the Board of Trustees as may be necessary to maintain the funds of the Association at a level adequate to meet its benefit obligations or commitments. Any change in the amount of contribution is subject to approval by the Insurance Commission.

 

  • Effectivity of Membership
    • Membership in the Association shall commence at the times he become a regular employee.
      1. His monthly membership contribution shall start on the date of his regularization, regardless of the actual date of membership application.
      2. If he failed to become a member as soon as he becomes a regular employee, he shall pay all his arrears from the time of his regularization.

 

However, on May 25, 2018, the Board of Trustees has resolved to suspend, until further notice, the rule mandating payment of contributions in arrears who seek membership with the Association long after actual date of regularization. The membership applicant shall automatically enjoy full benefits and privileges upon payment of the first monthly contribution. The foregoing applies to first time membership applications. Former members who voluntarily withdrew their membership in the past shall not be eligible.

 

  • A member shall be entitled to the full benefits and privileges of membership after payment of his first monthly membership contribution to the Association.

 

  • Membership in the Association shall be terminated by:
    • The death of a member;
    • The absolute severance of the member’s connection with Meralco or its holding companies, affiliates and subsidiaries, and organized Associations, either by resignation, termination or dismissal;
    • The member’s voluntary withdrawal;
    • The Member’s commission of infraction or violation of the Association’s policies, rules and regulations which the Board of the Trustees finds to be injurious or prejudicial to the interests of the Association, depending upon the gravity of the offense.
  • Refund of Equity Value

Upon termination of membership, a member shall entitle a member to an amount equivalent to the Equity Value of his membership contributions. The Equity Value is computed at FIFTY PER CENTUM (50%) of a member’s total contributions paid. Any unpaid indebtedness as of the date of membership termination shall be deducted from a member’s Equity Value entitlement.