Govt Launches New Pension Scheme for Federal Employees

The Pakistan government has launched a new pension scheme for federal employees, aimed at addressing the increasing financial strain on the national budget. This Defined Contribution Pension Fund Scheme 2024 was formally put into operation as part of the government's reform efforts.

Ministries, divisions, and departments across the federal government have been instructed to begin implementing the new scheme. They must prepare lists of employees covered by the scheme and update their records within 15 days, with the Accountant General Pakistan Revenues. Each ministry and division has appointed a Grade 17 or above officer as a focal point to oversee the implementation and coordinate pension fund matters.

The Human Resources Wing of the Ministry of Finance will manage the overall implementation, while the Controller General of Accounts collaborates with the Accountant General Pakistan Revenues to gather comprehensive employee data. This data will be categorized by ministry, division, department, and grade to streamline the new pension system's implementation.

The Ministry of Finance has emphasized the urgency of completing all required measures within the stipulated time frame, prioritizing the federal ministries and divisions for a swift transition to the new pension scheme.