The government is finalizing the proposed bill reforming the pension system for military and uniformed personnel (MUP), Finance Secretary Benjamin Diokno said Wednesday.

This was mentioned by Diokno as he discussed the details of the proposed bill in a forum in Manila on Wednesday.

"The model that we want is that those who have already retired their pension will not change because it is like their contractual obligation. Those who are in active service and those who will be recruited, they will contribute," he said.

"Those in active service the plan is 5, 7, 9 percent of their income, because you are completing 21 percent, the total contribution should be 21 percent, so if they 5 the 16 percent will be contributed by the government, so this will be gradual over the period of 9 years, for those in active service right now, for the new entrance they contribute 9 (percent)," he added.

Diokno said once the bill is finalized it will be submitted to the Congress next month.

Diokno stressed that extensive consultation to all the parties affected was made as part of the government's effort to reform the MUP pension system in the country. Robina Asido/DMS