A party-list lawmaker has proposed an increased in the pension of retirees of the armed services.
Rep. Manuel Cabochan III of Magdalo Party-list filed House Bill 1210, or the proposed “Unified Uniformed Personnel Retirement Benefits and Pension Reform Act,” which aims to amend laws on the retirement benefits and pension of the uniformed personnel of the uniformed service.
Cabotchan filed the bill as he acknowledged the State policy to provide adequate remuneration and benefits, which includes retirement benefits and pension, to retired veterans.
“In order to allow the government to fulfill its duties to the retirees, this measure will implement reforms by overhauling the entire retirement benefits and pension system in the uniformed service. This piece of legislation will also provide a new fund-sourcing scheme for the uniformed retirees’ pension and benefits that is sustainable in the long term,” said Cabochan.
The bill provides that both new entrants and those in the active service, upon their retirement, shall be entitled to receive a monthly retirement pay equivalent to two and a half percent for each year of active service rendered, but not exceeding 90 percent of the monthly base and longevity pay of the grade higher than the permanent grade they last held.
However, the bill also provides that the retirement benefits and pension of all entrants shall not be subject to automatic adjustments based on the scale of base pay of active uniformed personnel.