A new pension scheme has been introduced for federal government employees.
A new pension scheme has been introduced for federal government employees.
Memorandum continued
Newly recruited employees will contribute 10% of basic salary to the contributory scheme
Sajid Ali
ISLAMABAD - The government has introduced a new pension scheme for federal government employees. According to media reports, the government has introduced a new contributory pension fund scheme for all federal government employees. This scheme has been introduced by the Ministry of Finance. The Ministry of Finance has also issued an office memorandum regarding the new pension scheme.
The office memorandum states that newly recruited employees will contribute 10% of their basic salary to the contributory scheme. The scheme also covers civilian employees drawing salary from the defense budget, apart from this scheme will also apply to armed forces personnel recruited on a permanent basis on or after July 1, 2025.
It is being told that the government of Pakistan is working on introducing several reforms in the pension system because the cost of national pension is expected to reach 20 trillion rupees in the fiscal year 2024 and if no reforms are made in this system, that is the same. The cost may reach Rs 100 trillion in the next 10 years, this cost was Rs 25 billion in 03/2002 which has increased to more than Rs 15 trillion in just 20 years and the current pension system in Pakistan is too long to last. Not sustainable.
In addition, it was revealed that pensions were given to fake widows in the province of Sindh, through which crores of rupees were allegedly embezzled. Billions of rupees were committed in pension fund corruption in several district accounts offices of Sindh under the Finance Department. Municipal employees were exposed alive. The Federal Investigation Agency (FIA) has started an investigation into the alleged embezzlement of crores of rupees in the pension fund in Hyderabad. started
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