ISLAMABAD: The federal government has taken steps to implement the Defined Contribution Pension Fund Scheme 2024.
The move is part of broader reforms to reduce the rising pension burden on the national exchequer.
The government has issued rules for the scheme and started its formal implementation process. Federal ministries, divisions and departments have been directed to follow the new rules.
The New pension scheme will cover eligible public sector employees under the defined contribution system. Authorities will now begin preparing employee records for the scheme.
All federal ministries and divisions must prepare lists of employees covered by the pension fund. They must also update employee information and relevant records.
The updated data must be submitted to the Accountant General Pakistan Revenues. Ministries have been given 15 days to complete this process.
Each ministry and division must also appoint a focal person. The officer must be from Grade 17 or above.
The focal person will oversee matters linked to the Defined Contribution Pension Fund Scheme. The officer will also coordinate implementation-related activities within the concerned organisation.
The Ministry of Finance will play a key role in implementing the pension reforms. Its Human Resources Wing has been assigned responsibility for monitoring the process.
The Controller General of Accounts will also support the implementation. It will coordinate with the Accountant General Pakistan Revenues to compile employee information.
The government plans to organise the employee data systematically. Records will be arranged according to ministry, division, department and grade.
Officials have been directed to complete the required measures within the given timeframe. The government wants the implementation process to proceed without delays.
The New pension scheme is part of efforts to address increasing pension-related costs. Pension payments have placed growing pressure on government finances.
Under the defined contribution approach, pension arrangements differ from the traditional system. The reform aims to create a more sustainable structure for future pension obligations.
The Ministry of Finance has also decided to prioritise implementation across federal ministries and divisions. Relevant organisations must now take the required administrative steps.
The latest directives mark an important stage in the government’s pension reform programme. They move the Defined Contribution Pension Fund Scheme from policy development toward practical implementation.
Officials will need to ensure accurate employee records during the process. Correct information will be important for effective administration of the scheme.
The New pension system is expected to bring changes to pension management for covered federal employees. Further implementation steps will depend on the completion of the required administrative work.
The government has instructed all relevant departments to cooperate with the concerned financial authorities. They must provide the required information within the prescribed period.
The latest move reflects the government’s continued focus on pension reforms. It also highlights efforts to manage long-term financial obligations.
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The Defined Contribution Pension Fund Scheme 2024 will now enter its operational phase. Federal ministries and divisions have been directed to begin implementation immediately.
