Finance Secretary Benjamin Diokno said the unfunded liabilities under the current pension system for military and uniformed personnel (MUP) is already worth half of the country’s economy, as he emphasized the need for its reform.
Finance Secretary Benjamin Diokno said the unfunded liabilities under the current pension system for military and uniformed personnel is already worth half of the country’s economy, as he emphasized the need for its reform.
“There is a study in 2019, the unfunded liability of the military pension is P9 trillion,” Diokno said in his weekly press chat.Last week, President Ferdinand Marcos Jr. said he isfor the personnel of the Armed Forces of the Philippines and the Philippine National Police. In March, Diokno warned that failure to address the ballooning cost of pensions for retirees could lead to aUnder the current system, the pension for retired MUPs are fully funded by the national government. It is also automatically indexed to the prevailing salary of incumbent personnel of similar rank.
“In other words, if you are a retiree [and] if you are a general getting X amount of money, if the salary of the incumbent is doubled, you get your pension doubled also,” Diokno earlier said.Under the recommendations of the Department of Finance, the reform should apply to all active personnel and new entrants and should be required to contribute for their pension fund similar to pensioners of the Government Service Insurance System.
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