An estimated 70 to 80% of the military’s enlisted soldiers may opt to retire early if the current plan to fix the pension system pushes through, Department of National Defense officer-in-charge Carlito Galvez Jr. told the Senate on Monday, May 15.
MANILA, Philippines – An estimated 70 to 80% of the military’s enlisted soldiers may opt to retire early if the current plan to fix the pension system pushes through, Department of National Defense officer-in-charge Carlito Galvez Jr. told the Senate on Monday, May 15.
“We anticipated that around 70 to 80% of our enlisted personnel, who are eligible for optional retirement, will gonna retire.,” Galvez said. A soldier may opt to retire after serving for 20 years in the armed forces. Galvez cited one issue that has spawned “adverse reactions” from enlisted men: That the lump sum they are going to receive will be reduced “from 36 months to 18 months.”
The new policy will cover all active personnel and new entrants, meaning mandatory contributions begin with those currently or about to enter service. Mandatory contributions will be required for active personnel and new entrants, similar to the pension fund for government employees, the Government Service Insurance System. The percentage of the mandatory contribution will be staggered over a uniformed personnel’s years of service – from 5% in their first three years, to eventually 9% of their salary.
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