Senators over the weekend known as for a radical research on the Marcos administration financial group’s proposal to have navy and uniformed personnel (MUP) contribute as much as 9% of their month-to-month pay to their pension methods, citing the nation’s present fiscal situation.
In a press release launched Sunday, Senator Francis “Chiz” Escudero stated he wish to see the nice print on the financial group’s proposal, corresponding to how the contributions would translate in actual phrases throughout the completely different ranks within the MUP.
“I am more than willing to study the details of this proposal because I agree with PBBM that this problem of MUP pension should be addressed at the soonest,” stated Escudero.
Department of National Defense Secretary Gilbert Teodoro Jr., who was appointed to his submit earlier this month, stated President Ferdinand “Bongbong” Marcos Jr.’s first marching order was to proceed to reform the MUP pension system.
Marcos in May pushed for “self-regenerating” pension plans for each the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) in an effort to keep away from a state of affairs wherein the funds can be depleted.
The financial group, headed by Finance Secretary Benjamin Diokno, had warned of the implications of the pension funds, with the full yearly payouts anticipated to hit the P1-trillion mark by 2035 from P213 billion in 2023.
Under its proposal bared over the weekend, a technical working group led by the Department of Finance (DOF) known as for MUP in energetic service to contribute 5% of their month-to-month pay, and new entrants to contribute 9% of their primary wage and longevity pay.
Escudero on Sunday, nevertheless, raised questions corresponding to how a lot the federal government’s 12% share would translate in actual phrases and the place this could be sourced from. He additionally requested for an actuarial research to see if this could be sustainable within the subsequent 100 years.
Committee on National Defense and Security Chairperson Senator Jinggoy Estrada mirrored Escudero’s view that the proposal wanted to be studied.
“Kailangan na itong pag-usapan ngunit hindi dapat minamadali. Kailangang makahanap tayo ng isang sistema na katanggap-tanggap sa lahat,” stated Estrada in a separate assertion.
(This must be mentioned, however shouldn’t be rushed. We have to discover a system that can be acceptable to all.)
“Our military and uniformed personnel have dedicated their lives to serving and protecting our nation. But we also cannot turn a blind eye to the pressing concerns surrounding their pension system which calls for immediate and comprehensive reform,” he added. — DVM, GMA Integrated News
Source: www.gmanetwork.com
