BusinessWorld
May 28, 2021 | 12:03 am
THE HOUSE of Representatives sitting in plenary approved a bill proposing to make pensions portable as workers change employers and to introduce investment options for pension account holders.
In plenary session late Wednesday, legislators approved House Bill 9343 or the proposed Capital Market Development Act. The measure was elevated by Committee on Banks and Financial Intermediaries Chairman and Quirino Rep. Junie E. Cua to the floor on May 17.
“House Bill 9343 is approved on second reading,” Valenzuela Rep. Weslie T. Gatchalian, sitting as deputy speaker, said.
The proposed law seeks to broaden the capital markets by addressing deficiencies in the current pension system. The bill hopes to make pensions “fully-funded, portable, more actuarially fair, and stable.”
March 15, 2021 | 8:05 pm Font Size
PHILIPPINE STAR/ MIGUEL DE GUZMAN
A BILL permitting pension benefits to transfer along with workers as they change jobs is expected to boost retirement packages and help develop the capital markets, economic managers said.
Finance Secretary Carlos G. Dominguez III said at a hearing of the House Committee on Banks and Financial Intermediaries that the pension system is greatly underdeveloped, with pension assets currently equivalent to 16% of gross domestic product. He said a more acceptable ratio would be 100%.
Mr. Dominguez added that the pension system’s deficiencies stem from the passage of the Retirement Pay law, the features of which limit the size of retirement packages.
Senate Reintroduces Concurrent Receipt Legislation, With Strong Support By: Mark Belinsky
February 24, 2021
Maj. Richard Star, USAR, poses during a deployment to Iraq. Star died Feb. 13 after battling lung cancer; a bill to provide concurrent receipt for some veterans bears his name. (Courtesy photo)
Nine days after Major Richard Star, USAR, lost his battle with cancer from toxic exposure, Sens. Jon Tester (D-Mont.) and Mike Crapo (R-Idaho) reintroduced the Major Richard Star Act (S. 344) with 42 Senators as original cosponsors.
The legislation will authorize concurrent receipt of DoD retired pay and VA disability for those injured in a combat zone and forced to medically retire under Chapter 61.