Uot He Added The Dof Has Also Cited That Mup Pension Reform Is About Saving System And Crucial To Country 39s Post Coronavirus Pandemic Fiscal Economic Recovery Ina Radio Program Last Week News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(File photo) MANILA - Officials from the Department of National Defense (DND) and Department of Finance (DOF) confirmed that the Duterte administration's proposed reform of the military and uniformed personnel (MUP) pension system will only apply to new entrants in the service. In a statement Monday, DND spokesperson Arsenio R. Andolong stressed that the reform aims to create a more financially sustainable MUP pension system. "While the versions in Congress and Senate have yet to be finalized, the reform intends to control the looming PHP9.6 trillion worth of unfunded pension liabilities, which may continue to grow if the current scheme prevails," he added. The DOF has also cited that the MUP pension reform is about saving the pension system and is crucial to the country's post-coronavirus pandemic fiscal and economic recovery. In a radio program last week, Valery Joy Brion, DOF spokesperson on the MUP pension reform, explained that the Senate's discussions on the

Government service insurance systemArsenior andolongDepartment of financeDepartment of national defenseNational defenseValery joy brionIle photo manila officials from the department of national defense dnd and finance dof confirmed that duterte administration 39s proposed reform military uniformed personnel mup pension system will only apply to new entrants in service ina statement mondayNd spokesperson arsenior andolong stressed that the reform aims to createa more financially sustainable mup pension system quot while versions in congress and senate have yet be finalizedHe reform intends to control the looming php9 6 trillion worth of unfunded pension liabilitiesHich may continue to grow if the current scheme prevailsUot he added the dof has also cited that mup pension reform is about saving system and crucial to country 39s post coronavirus pandemic fiscal economic recovery ina radio program last weekValery joy brionOf spokesperson on the mup pension reformXplained that the senate 39s discussions on proposed reform point to creation ofa dual pension structure this will retain present and retirement benefits system of currently active retired personnel while applying only those who enter service upon effectivity law some changes include mandatory contributions fund pensionsIscontinuation of automatic indexationOmputation of pension benefits at rank upon retirement