MUP Pension Reform Bill 2024: Who Gets Benefit? Eligibility, Reform Amount, and Dates
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MUP Pension Reform Bill 2024
Under a law creating a revised pension system for military and uniformed personnel (MUP), all uniformed persons would receive guaranteed pensions, yearly wage increases, and improved benefits. The legislation was approved at the final reading on September 28.
The MUP Pension Reform aims to reduce the impact of the steadily rising pension obligations by making changes to the pension plan. As part of the law passed by the Philippine House of Representatives to reform the pension system for military and uniformed personnel, new fund members are expected to make appropriate payments.
To fully comprehend the MUP Pension Reform Bill 2024, its eligibility, quantity, and other pertinent information, we ask that you read this page.
Who gets Benefit?
The MUP pension plan covers the following agencies: the Philippine Armed Forces, the Philippine National Police, the Philippine Public Safety College, the Bureau of Jail Management and Penology, the Bureau of Fire Protection, the Coast Guard, and the Bureau of Corrections.
MUPs are not required by the current setup to contribute to their pensions. Rather, the annual pension payouts are financed by the national government.
MUPs are automatically promoted to the next level upon retirement following 20 years of service, and they have no minimum pensionable age. Additionally, the monthly pension is automatically modified to account for changes in the salaries of active staff.
MUP Pension Reform Eligibility 2024
Significant agreements made during the hearing included fixing the retirement age for all MUP at 57 years old, providing that PNP employees with less than 20 years of service would be eligible for a lump sum payout upon separation, increasing the previous package for AFP employees by 5%, and providing a 90 percent highest retirement package determined by base pay for all MUP.
MUP Pension Reform Amount 2024
The government guarantees military members a 3% annual pay increase over a ten-year term under the pension reform proposal. Existing soldiers will have to contribute 9% of their wages into their pension fund, while the government would contribute 12% of new military personnel’ salaries.
Additionally, the proposed MUP pension law states that the monthly retirement benefits for those who were serving in the field at the time the measure was passed would be half of their longevity and base salary.
If an employee has 20 years of service, their pay will be in the grade that is the next higher than the salary grade they last held. After that, their pay will grow by 2.5 percent for each year of service beyond 20 years, to a maximum of 90 percent for employees with 36 years or more of service.
MUP Pension Reform Dates 2024
The MUP Pension reform dates for 2024 have not yet been announced by the authorities; originally, it was anticipated to start in January of that year. We will update those dates on our page as soon as the authorities announce them.
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