An economist-lawmaker on Tuesday warned there will be “graver concerns than a mass retirement” if the government runs out of funds to support the military and uniformed personnel (MUP) pension system. Know more:
AN economist-lawmaker on Tuesday warned there will be “graver concerns than a mass retirement” if the government runs out of funds to support the military and uniformed personnel pension system.
As he said this, the Department of Finance reported it is now drafting the governance structure for the proposed MUP pension trust fund as Defense Secretary Gilbert C. Teodoro Jr. “emphasized” the need for “expert” fund managers in handling the pension. Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said the economic team is still drafting the governance structure of the MUP pension fund.
The DOF said the economic team would soon provide the “computations on the net take home pay, as well as the net payout of all retirement options” of MUPs under the proposed reforms. Earlier this week, finance officials announced that the monthly premium for the pension of military and uniformed personnel would be invested by the GSIS “to allow the fund to grow.” Meanwhile, Salceda said he has “suggestions that are different from the administration’s proposal. We in Congress will flesh the matter out,” he added.
Also, the lawmaker said the government must outline and estimate the least disruptive but effective fiscal improvements to the pension system.
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