It means only 2% of the harmful rays (UVA) are getting through the shirt or alternatively the skin under the shirt can spend 50 times as long in the sun as it could without any protection.
Just from basic logic this has to be false. Maybe there are some translucent t-shirts that are SPF 7 but my skin always reacts much more to sun exposed parts that have SPF applied than it ever did under t-shirt. And no i use high quality SPF50 and reapply.