What is Pakistan’s new voluntary pension scheme for govt employees? Web Desk 09:52 AM | 6 Mar, 2024 What is Pakistan’s new voluntary pension scheme for govt employees? Source: File Photo ISLAMABAD – Pakistan’s new government is set to introduce Voluntary Pension Scheme from the start of the next Fiscal Year in bid to ease the burden of complex and outdated government pension system. Play VideoUnibots.com The initiative will change the existing traditional pension setup on demand of International Monetary Fund (IMF). The newly recruited government employees will be awarded voluntary pension scheme from July 1, while government employees who joined in previous years will be given a pension from the official budget. Authorities linked transferring of employees to a new pension schemes with their consent. Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has developed a comprehensive strategy for new recruits, and suggested implementation in private sector as well. Employees will receive voluntary pensions instead of the government pension scheme. Existing employees may also be transferred to the new scheme after their consent. The motive aims to provide a stable income to all government employees upon retirement, unlike the Provident Fund or gratuity facilities offered in the private sector, with financial security being in focus. As of early 2024, 43 pension funds are being established across the country of 240 million, with investment in these funds touching 61 billion rupees. KP government started investing in pension funds two years back, with 21 funds serving its employees. Punjab government will follow suit to introduce voluntary pension scheme for its employees. Pakistan notifies increase in pensions for retired govt employees Web Desk Daily Pakistan Global Web Desk FACEBOOK COMMENTS MORE FROM THIS CATEGORY 04:27 PM | 7 Mar, 2024 Ramadan 2024: Minimum Nisab for Zakat deduction from bank accounts … 03:23 PM | 7 Mar, 2024 Latest update on free laptop, iPad scheme for students in Punjab 02:56 PM | 7 Mar, 2024 10th class maths past papers, model papers 2024 | Punjab Board 02:07 PM | 7 Mar, 2024 Lahore Weather Update: Will there be more rains in Punjab capital? 12:40 PM | 7 Mar, 2024 Sindh govt to distribute Rs5,000 cash among deserving families during … 01:42 PM | 7 Mar, 2024 School timings in Punjab during Ramzan 2024 12:45 PM | 6 Mar, 2024 Mufti Qavi spotted partying at night club in viral video 11:18 AM | 6 Mar, 2024 Sindh Police Jobs 2024 – Here’s how to apply for Commando and … 12:12 PM | 6 Mar, 2024 Five Pakistanis executed in Saudi Arabia for murder during armed … 05:32 PM | 5 Mar, 2024 SSGC lifts ban on new gas connection in these cities 03:49 PM | 6 Mar, 2024 Punjab Police Special Branch jobs 2024: Here’s how to apply 06:28 PM | 4 Mar, 2024 Two Pakistanis named in Forbes’ list of 100 most powerful … Advertisement
ISLAMABAD – Pakistan’s new government is set to introduce Voluntary Pension Scheme from the start of the next Fiscal Year in bid to ease the burden of complex and outdated government pension system.
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The initiative will change the existing traditional pension setup on demand of International Monetary Fund (IMF).
The newly recruited government employees will be awarded voluntary pension scheme from July 1, while government employees who joined in previous years will be given a pension from the official budget. Authorities linked transferring of employees to a new pension schemes with their consent.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has developed a comprehensive strategy for new recruits, and suggested implementation in private sector as well.
Employees will receive voluntary pensions instead of the government pension scheme. Existing employees may also be transferred to the new scheme after their consent.
The motive aims to provide a stable income to all government employees upon retirement, unlike the Provident Fund or gratuity facilities offered in the private sector, with financial security being in focus.
As of early 2024, 43 pension funds are being established across the country of 240 million, with investment in these funds touching 61 billion rupees.
KP government started investing in pension funds two years back, with 21 funds serving its employees. Punjab government will follow suit to introduce voluntary pension scheme for its employees.
