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    Sustainability Issue: Read: Government Savings Eyed To Help Fund MUP Pension

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    Nope Nottoday
    The document discusses reforms to the pension system for military and uniformed personnel (MUP) in the Philippines. The finance chief explains that the current MUP pension system is unsustainable and exposes the government budget to economic downturns. Pension arrears, which are government borrowings, amounted to $3.7 billion in 2021 and $3.26 billion in 2022. Reforms aim to ensure timely benefits while lessening the long-term strain on government finances.

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    Sustainability Issue: Read: Government Savings Eyed To Help Fund MUP Pension

    Uploaded by

    Nope Nottoday
    6 views1 page
    The document discusses reforms to the pension system for military and uniformed personnel (MUP) in the Philippines. The finance chief explains that the current MUP pension system is unsustainable and exposes the government budget to economic downturns. Pension arrears, which are government borrowings, amounted to $3.7 billion in 2021 and $3.26 billion in 2022. Reforms aim to ensure timely benefits while lessening the long-term strain on government finances.

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    The document discusses reforms to the pension system for military and uniformed personnel (MUP) in the Philippines. The finance chief explains that the current MUP pension system is unsustainable and exposes the government budget to economic downturns. Pension arrears, which are government borrowings, amounted to $3.7 billion in 2021 and $3.26 billion in 2022. Reforms aim to ensure timely benefits while lessening the long-term strain on government finances.

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    6 views1 page

    Sustainability Issue: Read: Government Savings Eyed To Help Fund MUP Pension

    Uploaded by

    Nope Nottoday
    The document discusses reforms to the pension system for military and uniformed personnel (MUP) in the Philippines. The finance chief explains that the current MUP pension system is unsustainable and exposes the government budget to economic downturns. Pension arrears, which are government borrowings, amounted to $3.7 billion in 2021 and $3.26 billion in 2022. Reforms aim to ensure timely benefits while lessening the long-term strain on government finances.

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    Government savings eyed to help fund MUP pension


    Sustainability issue
    “The core objective of the government’s efforts to reform the pension system
    for military and uniformed personnel is to address the unsustainability and
    uncertainty of the current pension system,” Diokno said.
    “Through these reforms, we can ensure the timely delivery of fair retirement
    benefits to men and women in service, while gradually lessening the strain on
    the government budget over time,” he added.
    The finance chief reiterated that the current MUP pension system’s
    dependence on full government funding exposes it to economic and fiscal
    downturns and compromises its stability and reliability.
    Diokno said that in the past few years alone, pension arrears—which are
    supported through government borrowings—amounted to P3.7 billion in 2021
    and P3.26 billion in 2022, The estimate for 2023 is P5.2 billion and P4.8 billion
    for 2024.

    Read more: https://business.inquirer.net/416131/mup-pension-cost-sharing-plan-
    gains-ground#ixzz8AYoSlylI
    Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

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