FACT CHECK: Individuals aged 40 and above can get pensions
Claim: A YouTube video says individuals aged 40 and above can get a pension.
Rating: FALSE
Why we fact-checked this: The false claim on YouTube was posted by PweDelie TV with the title: “GOOD NEWS AGE 40 PATAAS PWEDE NA MAGPENSYON WOW PINAKAMALAKING BANGKO SA PILIPINAS PBBM BINUBUO NA!” (GOOD NEWS: At the age of 40 and above, you can now avail yourself of a pension! The biggest bank in the Philippines, PBBM, is being formed!) The video has 326, 885 views and 1,077 comments, as of writing.
The facts: President Ferdinand Marcos Jr.’s administration is planning to introduce changes to the retirement and pension system only for military and uniformed personnel (MUP) to prevent a financial crisis.
Department of Finance (DOF) Secretary Benjamin Diokno said Marcos expressed his support for four proposed changes in the MUP retirement and pension system. These include the following:
- The automatic indexation of pension to the salary of active personnel of single ranks will be removed.
- Military and uniform personnel will receive their pension starting at 57 years old and not automatically after 20 years of service.
- This will apply to all active personnel and new entrants.
- Mandatory contributions will be required for active personnel and new entrants similar to the Government Service Insurance System pensioners.
Diokno stated on March 28 during a press briefing at Malacañang that the new pension system would require active service members to contribute, unlike the current non-contributory system where the national government fully funds retirement pensions and benefits without any contribution from retirees.
The budget secretary also mentioned that the military and uniformed personnel’s contributions to the new MUP pension system would be “gradual.” – Jezreel Ines/Rappler
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