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.”
Pension Reforms:
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.
Also Read: Budget 2023-24 Finance Minister Ishaq Dar Unveils Budget
Conclusion:
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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