The federal authorities has carried out important adjustments to the pension system for presidency staff, fulfilling a key demand from the Worldwide Financial Fund (IMF).
As of the brand new yr, a ban has been imposed on authorities officers and staff from receiving double pensions. A notification has been issued to formalise the adjustments, Specific Information reported.
The brand new system will routinely embody pension increments by way of computerised strategies, eliminating handbook procedures. This additionally signifies that the pension information of over 300,000 staff have been computerised.
Along with this, the federal government has launched a number of reforms to streamline pension calculations. With these adjustments, vital authorities officers will solely be eligible for one pension.
The implementation of those reforms is predicted to avoid wasting billions from the nationwide treasury yearly.
The brand new guidelines specify that annual pension increments will apply to the primary pension solely, and future pensions will probably be calculated primarily based on the final 24 months of service.
The Pay and Pension Fee will evaluate the fundamental pension each three years. The Ministry of Finance has instantly carried out the suggestions of the 2020 Pay and Pension Fee.
Finance Minister Muhammad Aurangzeb beforehand introduced that public sector staff employed from the following fiscal yr onward will not be eligible for state-funded pensions upon retirement as a part of important pension reforms.
Talking to the media on the sidelines of ‘The Future Summit – What Issues Now,’ Aurangzeb defined that, underneath the reforms, staff will contribute from their month-to-month salaries to construct their very own pension funds.
PM Shehbaz launches financial initiative ‘Uraan Pakistan’ programme
Prime Minister Shehbaz Sharif on Monday inaugurated the financial initiative ‘Uraan Pakistan’, declaring it a pivotal second for the nation’s future.
Talking on the launch ceremony held in Islamabad, attended by senior authorities officers, federal ministers, and institutional heads, the premier stated, “As we speak is a historic day as we begin the journey of Uraan Pakistan.”
The prime minister highlighted the coalition authorities’s battle to stabilise the financial system throughout Pakistan’s 2023 monetary disaster. “Once we had been getting ready to default and striving for the IMF programme, we determined to prioritise saving the state over politics,” he stated.
PM Shehbaz accused opposition parts of trying to dam the IMF programme, calling it a grave injustice to the folks. Regardless of these hurdles, he famous, “We have now efficiently achieved macroeconomic stability.”