FINANCE officials announced through a statement that government’s economists are introducing changes to proposed reforms in the pension of military and uniformed personnel following a meeting with defense and security officials.
Under a revised proposal, military and uniformed personnel who avail of optional retirement are given the prerogative to choose among three options in claiming pension benefits, a statement from the Department of Finance (DOF) read.
One option is for the personnel to receive all pension benefits in one lump sum upon retirement. The second option is for the personnel to receive in advance pension equivalent to 60 months, followed by receipt of payment of monthly pension benefits after five years.
The third option is for the personnel to receive benefits at the age of 57.
According to the DOF, the new options were proposed in consideration of varying financial situations among military and uniformed personnel and will be applied on a case-to-case basis.
Finance Undersecretary Maria Cielo D. Magno reportedly said during a meeting last Friday that the economic team was given a directive to study the current pension systems of other government branches.
That meeting, according to the DOF, was attended by those under the Armed Forces of the Philippines (AFP), the Philippine Air Force (PAF) and the Presidential Security Group (PSG).
At least 250 participants from the AFP Health Service Command were present in the meeting, the DOF said.
It would be the fourth meeting on the issue, according to the DOF. The fifth, it said, would be with members of the Philippine National Police (PNP) on Wednesday at Camp Crame, Quezon City.
“The economic team will continue to gather sentiments of the MUPs and introduce necessary improvements to the proposal in order to craft a well-balanced solution,” the DOF’s statement read.
