{"id":152908,"date":"2018-02-14T22:18:40","date_gmt":"2018-02-15T03:18:40","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=152908"},"modified":"2018-02-14T22:18:40","modified_gmt":"2018-02-15T03:18:40","slug":"final-proposal-for-military-pension-system-out-by-year-end","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/02\/14\/final-proposal-for-military-pension-system-out-by-year-end\/","title":{"rendered":"Final proposal for military pension system out by year-end"},"content":{"rendered":"
\"FILE:<\/a>
FILE: Department of Budget and Management Sec Benjamin Diokno (Photo By Axelchard13, CC BY-SA 4.0)<\/figcaption><\/figure>\n

MANILA<\/strong> \u2014 An actuarial study on the feasibility of a Government Service Insurance System (GSIS)-run pension system for the military, which will have three types, is expected to be completed before end-2018.<\/p>\n

Budget and Management Secretary Benjamin Diokno, in a briefing Wednesday, said GSIS officials have finished the preliminary actuarial study on the proposal but its results have yet to be presented to economic managers.<\/p>\n

He said that officials of the Department of Budget and Management (DBM), for one, had discussed with their counterparts in the GSIS issues such as how much a pension system would cost the government and how much the GSIS needed to assume the responsibility of running the system for the government.<\/p>\n

\u201cI can assure you before the end of the year this will be done,\u201d he said.<\/p>\n

Diokno said three types of pensioners are being considered for this proposed military\u00a0pension.<\/p>\n

The first type will cover the existing pensioners, who receive pensions that are indexed to the salary of incumbent personnel.<\/p>\n

\u201cWe will honor our contract. We\u2019ll continue paying them,\u201d Diokno said.<\/p>\n

The second are those who in current service, who will be asked to pay contribution to make the system sustainable but will receive the benefit of the old system.<\/p>\n

\u201cThey have to understand that they need to contribute especially now that they have a hefty salary increase,\u201d he said.<\/p>\n

The third type is for new entrants, who will be covered by new set of pension rules that has yet to be developed.<\/p>\n

Diokno said the proposed military pension system would be handled by the GSIS but would be different compared to the system for other state workers.<\/p>\n

\u201c(It will) be funded by proceeds from land and other assets of the military,\u201d he said, but clarified that the government will not be selling military assets just to fulfill the pension system.<\/p>\n

The Budget and Management chief said there is a need to eventually set up a formal pension system for uniformed personnel because it is currently the taxpayers who pay for the military\u2019s pension.<\/p>\n

He said this issue has been swept under the rags for years that is why \u201cit has not gone to such magnitude that we really need to address it.\u201d<\/p>\n

\u201cIt is our commitment as fiscal advisers of the President to find a permanent, sustainable solution to this problem,\u201d he added.\u00a0(PNA)<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2014 An actuarial study on the feasibility of a Government Service Insurance System (GSIS)-run pension system for the military, …<\/p>\n","protected":false},"author":33,"featured_media":110168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[28483,46654],"class_list":["post-152908","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-budget-and-management-secretary-benjamin-diokno","tag-military-pension-system","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/152908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=152908"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/152908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/110168"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=152908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=152908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=152908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}