Senator Chiz Escudero has directed the Government Service Insurance System (GSIS) to conduct a study on the rationalization of pension system for all uniformed personnel.
According to Escudero, chairman of the Senate committee on national defense and security, pension contributions by uniformed personnel from different services such as the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), Bureau of Jail Management and Penology (BJMP), Bureau of Fire Protection (BFP) and the Coast Guard are managed by different retirement and benefits systems therefore the rates are not par with their service.
“Since uniformed personnel are government employees, it makes sense that GSIS handles their pension system. GSIS has the expertise on this matter and the actuarial study they are currently doing will augur well for an informed analysis of the pension system and its viability” Escudero said.
Currently, the AFP’s pension system is being handled by the military’s built-in insurer Retirement Service and Benefit System, while police personnel are getting better returns compared to their uniformed counterparts.
“We want to put in place a mechanism that would give uniformed personnel a consistent and rationalized pension rate that equate with the value of serving in uniform,” Escudero explained.
Data being used by the GSIS in their actuarial study has been provided by the Senate defense and security committee from a series of hearings and meetings conducted since last year.