The Marcos administration’s economic team has proposed that military and uniformed personnel in active service contribute 5 percent of their monthly pay to their retirement fund for the first three years of a plan to reform their pension system.
State pension fund manager Government Service Insurance System will then invest the fund built from the monthly premiums to grow the MUP pension kitty and achieve a return of 85 percent to 90 percent upon the retirement of uniformed service members.
Unlike other state employees, they are not contributing any amount from their salaries to their retirement fund which is allocated yearly from the national budget. Diokno said that is one of the faults of the current MUP pension system. In comparison, the average monthly retirement pay of GSIS members is P13,000 and P4,528 for those covered by the Social Security System — the pension fund for private employees.
SSS members contribute 4.5 percent of their monthly pay while their employers contribute 9.5 percent for their pension fund.
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