In a significant move chaired by Finance Minister Muhammad Aurangzeb, the Economic Coordination Committee (ECC) has greenlit the establishment of a Pension Fund. This marks a major step towards reforming the pension system for government employees. Starting July 1, 2024, a new contributory pension scheme will be in place for these employees. Meanwhile, the armed forces will see this scheme come into effect from July 1, 2025.
The ECC’s meeting also brought other noteworthy financial decisions. It was decided that the Universal Service Fund will return over 11 billion rupees. Additionally, a grant of 2 billion rupees has sanctioned to address the outstanding liabilities of the Ministry of Railways.
Further financial relief was provided with the approval of over 4.22 billion rupees to cover liabilities for the Federal Board of Revenue’s (FBR) international projects. The Ministry of Planning received a boost with a grant of over 7.98 billion rupees to cover expenses from the seventh census. The Sindh government also benefited from a substantial grant of 12.1 billion rupees for settling various liabilities.
In support of pensioners, a grant of over 8.62 billion rupees approved for pension payments managed by the Military Accounts and Accountant General Pakistan Revenues (AGPR).
 has greenlit the establishment of a Pension Fund. This marks a major step towards reforming the pension system for government employees. Starting July 1, 2024, a new contributory pension scheme will be in place for these employees. Meanwhile, the armed forces will see this scheme come into effect from July 1, 2025.){kind=link}