The International Monetary Fund has backed the Marcos administration's bid to reform the pension system for the military and the police.
— The International Monetary Fund has backed the Marcos administration's bid to reform the pension system for the military and the police.
That requires fiscal consolidation or creating fiscal space via tax reforms, or things like changing the military pension plan – something that Finance Secretary Ben Diokno signaled several times this year. Diokno earlier said he hopes the Marcos administration could pursue proposed reforms on the pension system for military and uniformed personnel that were put off by previous administrations.
He said they have four proposals: removal of automatic indexation of pension to the salary of active personnel of similar ranks; military uniformed personnel receiving their pensions starting at 57 years old; requiring mandatory contributions for active personnel and new entrants; and applying the reform to all active personnel and new entrants.
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