{"id":81863,"date":"2024-06-27T21:03:59","date_gmt":"2024-06-27T21:03:59","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/ecc-okays-establishment-of-pension-fund\/"},"modified":"2024-06-27T21:03:59","modified_gmt":"2024-06-27T21:03:59","slug":"ecc-okays-establishment-of-pension-fund","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/ecc-okays-establishment-of-pension-fund\/","title":{"rendered":"ECC okays establishment of pension fund"},"content":{"rendered":"
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ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet approved the establishment of a pension fund for retired employees, ARY News reported.<\/strong><\/p>\n

Finance Minister Muhammad Aurangzeb chaired the ECC that also okayed the proposal to introduce a Defined Contributory Scheme for new entrants. The scheme will apply to civilian employees from July 1, 2024, and to military personnel from July 1, 2025.<\/p>\n

Additionally, the ECC approved the summary of the Ministry of Information Technology & Telecommunication to return Rs. 11.13 billion to the Universal Service Fund (USF) to meet the budget shortfall.<\/p>\n

Meanwhile, the ECC also approved Rs. 4,228.429 million to the Federal Board of Revenue (FBR) for clearing the liabilities of foreign-funded projects of FBR.<\/p>\n

The committee approved the request of the Ministry of Railways for additional funds and allowed grant of Rs. 2 billion to clear pending liabilities.<\/p>\n

An amount of Rs. 7.987 billion was also approved to the Planning Commission for clearance of liabilities for the 7th Population & Housing Census.<\/p>\n

Another summary of Finance Division to launch the \u201cRisk Coverage Scheme for SMEs\u201d was also approved with the direction to monitor and evaluate the scheme on quarterly basis.<\/p>\n

The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Planning Development & Special Initiatives Mr. Ahsan Iqbal, Minister of State for Finance & Revenue Mr. Ali Pervez Malik, Governor SBP, Dy Chairman Planning Commission, Federal Secretaries, and other senior officers of the relevant ministries.<\/p>\n

Read More: Important news for pensioners<\/a><\/strong><\/p>\n

Earlier, in a move to relieve the burden on the national exchequer, the federal government proposed 13 amendments to the pension scheme as part of the Budget 2024, ARY News reported on Thursday.<\/p>\n

A copy of the proposed amendments to the Government Employees Pension Scheme has emerged according to which the workers will receive a gross pension equivalent to 70 percent of their salary from two years before retirement.<\/p>\n

The amendments introduce provisions for voluntary retirement after 25 years of service, offering employees the opportunity to retire earlier than previously allowed.<\/p>\n

This option includes a graduated scale for annual deductions from the pension amount, ranging from 3 percent to 20 percent, until the age of 60.<\/p>\n<\/div>\n