The Marcos administrations’ economic team led by DOF is revving up consultations with uniformed services on revamping their system amid efforts to complement revenue-generating measures with reforms on the spending side. | RonWDomingoINQ
The argument of reform proponents is that if the huge and rising liabilities of the current MUP pension system is not addressed, securing sufficient resources to provide for the benefits of future pensioners and their dependents will be “extremely challenging.”
Being pushed in particular are mandatory contributions to the system as well as stopping the indexation of monthly pensions to current wage levels.Under the present system, pensioners receive their benefits based on present pay levels regardless of whether they retired years or decades ago. Many of these proposals are hard to accept for those affected and so the economic team has embarked on a consultation roadshow in order “to balance the creation of a fair system while preserving the country’s overall fiscal health.”
Regarding contributions, Magno asked those who attended the dialog to regard this as “like forced savings on [your] part so that we will have something ready upon retirement.”
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