Escudero wants GSIS to manage military, police pension

10 May 2011

Escudero wants GSIS to manage military, police pension
Senator Francis "Chiz" Escudero urges the Government Service Insurance System (GSIS) to study retirement of former military and other uniformed personnel.

By Anna Valmero

QUEZON CITY, METRO MANILA— Senator Francis “Chiz” Escudero wants the Government Service Insurance System (GSIS) to handle the pension of the country's military and other uniformed personnel.

Escudero also proposes to rationalize retirement benefits for former members of 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.

Currently, retirement benefits of these agencies are are managed by different retirement and benefits systems. These differ from those enjoyed by other government employees.

“As government employees, it makes sense that GSIS should handle their pension system,” said Escudero, who is chairman of the Senate committee on National Defense and Security.

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.

Currently, AFP's pension system is handled by the military’s Retirement Service and Benefit System, its own insurer while police personnel gets better returns compared to the other 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 said.

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