LAHORE: The Punjab government has announced new government recruitment in accordance with new retirement and new pension rules whereas a new pension scheme will also be introduced in this regard.
According to details, a meeting was organized by the Punjab Ministry of Finance regarding pension reforms, which was chaired by Provincial Finance Minister Makhdoom Hashim Jawan Bakht whereas Secretary Finance Punjab Iftikhar Amjad, President Bank of Punjab Zafar Masood, General Manager (GM) Pension Fund Syed Shahnawaz Nadir Shah also attended the meeting.
During the meeting, the GM Pension Fund informed that government employees could not leave before 25 years of service or 55 years of age however, no employment limit will be fixed for beneficiaries of the proposed scheme for new recruits.
The GM further informed that in the current scheme, no pension concession has been allocated for the employees who have resigned with less than ten years of service.
“For new recruits, employees’ pensions will depend on their accumulated balance. Similarly, a fund will be set up in partnership with the Punjab government and government employees for the payment of monthly pension in the new pension scheme and a large portion of the partnership fund will be paid by the government,” he added.
Meanwhile, addressing the meeting, the provincial minister said that new recruitment in Punjab would be in accordance with new retirement and pension laws and the new model pension scheme would be applicable to all future government employees.
“The new rules will also play an important role in bridging the gaps in the existing pension scheme. The prevailing pension scheme is causing a steady increase in the burden on the provincial budget and rising pension costs are affecting the health, education and social sectors”.
“It is necessary to review the existing pension system for providing basic necessities of life to the people and for development works. According to the new rules, the pay scales of government employees will also be reviewed,” he concluded.
