Escudero bats GSIS to study on pension system for all uniformed personnel

SENATE OFFICE, Manila, April 26, 2011-Senator Chiz Escudero, chairman of the Senate committee on national defense and security bats the Government Service Insurance System (GSIS) to conduct a study for all uniformed personnel on the rationalization of pension system.

“Pension contributions by uniformed personnel from 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,” he said, adding that uniformed personnel are government employees ever since and it makes sense that GSIS handles their pension system.

Escudero furthered that the 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.

“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,” he cited and explained that he wants 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.

Since 2010, the 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. (Jason de Asis)