The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, has given the green light for the establishment of a pension fund starting from July 1, 2024.
As per the announcement, the ECC has endorsed a contributory pension scheme for government employees effective July 1, 2024, and for armed forces personnel starting from July 1, 2025.
Read more: Government Suggests 13 Changes to Pension Plan
Furthermore, the ECC has approved the transfer of more than Rs. 11 billion to the Universal Service Pension Fund and allocated Rs. 2 billion to settle outstanding dues of the Ministry of Railways.
The committee has also sanctioned a grant exceeding Rs. 4.22 billion for the payment of foreign project obligations of the Federal Board of Revenue (FBR) and allocated over Rs. 7.98 billion for the Ministry of Planning to settle dues related to the seventh census.
Additionally, a grant of Rs. 12.1 billion has been approved for settling dues owed to the Sindh government, and more than Rs. 8.62 billion has been allocated for pension payments by the Military Accounts and AGPR.
