The government’s economic team has adjusted the current proposals for military and uniformed personnel (MUP) pension reform following initial consultations with the Armed Forces of the Philippines (AFP) and Presidential Security Group (PSG).
In a statement over the weekend, the Department of Finance (DOF) said that under the enhanced proposal, MUPs who will avail of the optional retirement will be given the prerogative to choose among three options in claiming pension benefits.
These include receiving all pension benefits in one lump sum upon retirement; 60 months advance then payment of monthly pensions that will start after five years; and receiving pension benefits at age 57.
“The new options were proposed in consideration of varying financial situations among MUPs and will be applied on a case-to-case basis,” the DOF said.
DOF Undersecretary Maria Luwalhati Dorotan Tiuseco presented the economic team’s latest proposal during the dialogue with the AFP Health Service Command (HSC) on June 2 which was attended by some 150 on-site participants and almost 100 virtual participants.
DOF Undersecretary Maria Cielo Magno assured MUPs that the economic team will study the current pension systems of other government branches enjoying similar pension benefits amidst pension sustainability concerns.
Prior to the HSC, the economic team held a dialogue with the PSG on May 26 at Malacañang Park.
After four dialogues with the military, the economic team is scheduled to meet with uniformed personnel, starting with the Philippine National Police on June 7 at Camp Crame in Quezon City.
“The economic team will continue to gather sentiments of the MUPs and introduce necessary improvements to the proposal in order to craft a well-balanced solution,” DOF said. (PNA)