During his announcement of pension reforms in the National Assembly, Ishaq Dar revealed that the government has decided to terminate the multi-pension system. According to the minister, government employees are now eligible to receive a pension from a single institution only. Furthermore, he mentioned that the family of a deceased pensioner would be entitled to receive a pension for only 10 years. “An individual working for the government will be restricted to receiving a pension from a sole institution. We are aware of instances where officers receive pensions from three different institutions,” he added. As the general discussion on the budget in the National Assembly came to a close, the finance minister stated, “The government has initiated the implementation of pension reforms in the budget for the fiscal year 2023-24.”
Dar emphasized discontinuing pensions from multiple sources, specifying that officers from Grades 17 and above will receive a single pension. He clarified that a government officer could receive a salary or a pension from one institution. Additionally, he mentioned that officers who work for another organization will permit to receive either a salary or a pension. Meanwhile, the finance minister acknowledged that the government has implemented several modifications to the fiscal 2024 budget as a final attempt to secure a stalled rescue package with the international lender.
In conclusion, Finance Minister Ishaq Dar made significant announcements regarding pension reforms during his address at the National Assembly. The government has decided to eliminate the multi-pension system, allowing only government officers from Grades 17 and above to receive a single pension. The minister also clarified that officers can receive either a salary or a pension from one institution. When working for another organization, they can receive either a salary or a pension. These reforms aim to streamline the pension system and ensure more efficient management. Additionally, the government’s introduction of changes to the fiscal 2024 budget reflects its efforts to secure a stalled rescue package with an international lender. These measures highlight the government’s commitment to financial reforms and sustainable economic development.
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