“That is the most logical, if you are going to have a basis, it [should] be the rest of the government.”However, Veloso said it was ultimately up to Congress to structure the MUP pension system. The executive branch likewise recommended that the MUP pension system reforms cover both active personnel and new entrants, with all of them making contributions for their pension — a move opposed by uniformed personnel who argued that the new pension system should be applied only to new entrants. The MUP system is fully funded by the national government, unlike the GSIS and the Social Security System whose members contribute part of their monthly salary to the retirement fund. Veloso said the GSIS was also preparing to manage funds from the prospective MUP system. However, Veloso noted that each of the entities under the MUP system had different policies.

Source: Philippine Daily Inquirer June 07, 2023 02:58 UTC