NextGen Day

💼🔍 MANILA – Proposed reforms to the military and uniformed personnel (MUP) pension system will see the government taking on a larger role, according to the Department of Finance (DOF).

“For every 5 percent that the MUPs put in, there will be a 16 percent government share. For every 7 percent, there are 14, and for 9 percent, there is 12 percent. We have to emphasize and to put on record that for every contribution of MUPs, the government will be saving with the MUPs,” explained DOF Undersecretary Alu Tioseco during the department’s weekly press briefing.

“However, the precise percentages are yet to be finalized. What’s certain is that there will be a larger government share,” she emphasized.

Tioseco confirmed that the economic team’s representatives had discussions with leaders of the House of Representatives, and a general consensus was forming on the MUP pension reform’s fundamental terms.

“In general terms, yes, there is emerging consensus. But on the specifics, the economic team will still sit down with the House and other stakeholders because we have to run the numbers,” Tioseco said.

“Of course, there will be mandatory contributions. Also, some understanding on the indexation part but we have to double-check the numerical figure,” she added.

The House of Representatives formalized an ad hoc Committee on the Military and Uniformed Personnel Pension Reform on August 2nd.

The committee will draft a bill version before the 2024 national budget deliberations.

Albay (2nd District) Representative Joey Salceda, who also chairs the Committee on Ways and Means, was appointed chairperson of this newly established committee.

The government’s motivation behind reforming the MUP pension system is to ensure its sustainability and provide equitable retirement benefits to MUPs, while gradually easing the pressure on the government budget. 📊🎩💰

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---