OPINION | Dealing with a looming military pension crisis By Victor S. Limlingan READ:
Thus, when they retire, they will not draw their pension from the GSIS but directly from the government via the yearly approved General Appropriations Act . This has several flaws. For one, it is on a pay-as-you-go basis, meaning the government pays only the existing pension and does not set aside annual amounts for future payments . Moreover, unlike with other government employees with GSIS, no premiums are deducted from the salaries of our military.
1) Eligibility — Usually an employee will get a pension only if he works in the company for a minimum number of years. Moreover, in a process called vesting, he receives only a percentage of the pension benets he would get if he stayed with the company until retirement. For example, if he leaves the company after 10 years, he is entitled to only 10% of the pension.
After World War II, the US Congress, in recognition of the service of its veterans, enacted the G.I. Bill of Rights which in effect allowed veterans to go to any school that they chose and that would accept them, all at government expense. It was so successful that it was continued and now it is available to all serving US military personnel.t, US soldiers now have an incentive to transition as fast as possible to civilian life.
More important than economics is the impact on military doctrine. As with most countries, the military doctrine adopted by the Philippines is that in case of war it mobilized its citizens to fight led by a professional ofIn some countries such as Israel and Singapore, the government requires every citizen to serve in the military, usually for two years. Thus, when mobilized, the citizenry knows how to fight.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shares in HYBE up after BTS clears uncertainty over military service - BusinessWorld OnlineSEOUL — The announcement by K-pop mega band BTS that members would serve mandatory military service in South Korea has removed a cloud of uncertainty that has hung over their plans.
Read more »
Overlapping crises add urgency for IMF, World Bank resources, reforms - BusinessWorld OnlineWASHINGTON — Global financial leaders are digging into a long to-do list after International Monetary Fund (IMF) and World Bank member countries sent them a clear message on what is needed to tackle overlapping crises: vast amounts of additional money. It’s a big ask, and one that may prove too tall an order to fulfill, […]
Read more »
Indonesia to strike green energy deal with rich nations at G20 summit - BusinessWorld OnlineKUALA LUMPUR — Indonesia is on track to secure a clean energy partnership with rich countries when it hosts a Group of Twenty major economies (G20) summit in November, obtaining international funding to cut its reliance on coal power and to implement a green and fair transition, energy analysts said. The multi-billion-dollar agreement is expected […]
Read more »
A good bottle of wine is an empty one - BusinessWorld OnlineSHOPPING for wine (and throwing a dinner party) just got a little bit easier, thanks to Winedrop. READ:
Read more »