TO SERVE AND PROTECT. At least 80 rookie police officers take their oath during the 1st Cycle Attrition Recruitment Program at the Police Regional Office-Soccsksargen headquarters in General Santos City on Nov. 14, 2022. The government will have a bigger share under the proposed reforms to the military and uniformed personnel pension system, the Department of Finance said. (Photo courtesy of PRO-12)
MANILA – The government will have a bigger share under the proposed reforms to the military and uniformed personnel (MUP) pension system, the Department of Finance (DOF) said.
"So for every 5 percent that the MUPs put in, there will be a 16 percent government share. For every 7 percent, there’s 14 and for 9 percent there is 12 percent. We have to emphasize and to put on record that for every contribution of MUPs, the government will be saving with the MUPs," DOF Undersecretary Alu Tioseco said during the Finance department's weekly press chat.
"But for the percentage we still have to do the numbers. But definitely there’s a bigger government share," she added.
Tioseco confirmed that representatives of the economic team met with leaders of the House of Representatives and had an emerging consensus on the general terms of the MUP pension reform.
"In general terms, yes, there are emerging consensus. But on the specifics, the economic team will still sit down with the House and of course with other stakeholders because we have to run the numbers," Tioseco said.
"Of course, there will be mandatory contributions. Also, some understanding on the indexation part but we have to double-check the numerical figure," she added.
An ad hoc Committee on the Military and Uniformed Personnel Pension Reform was formalized during the House of Representatives session on Aug. 2.
The committee aims to come up with a version of the bill before the 2024 national budget deliberations.
Albay (2nd District) Rep. Joey Salceda, who also chairs the Committee on Ways and Means, was appointed chairperson of the newly created committee.
The government seeks to reform the MUP pension system to address its sustainability and ensure the provision of fair retirement benefits to MUPs while easing the pressure on the government budget over time. (PNA)
