ISLAMABAD: Keeping another demand of IMF in front, the federal government has prepared a new voluntary pension scheme to remove the heavy burden of pension of government employees.
According to sources in the Finance Ministry, the new pension scheme has been prepared by the Securities and Exchange Commission under which the new government employees will be given a voluntary pension scheme instead of the government pension. The federal government can transfer the government employees to the new scheme with their consent.
SECP has proposed to implement the new scheme in both public and private sector. The private sector is currently providing provident fund or gratuity facility to the employees.
SECP recommends that the private sector should provide only voluntary pension scheme to the employees, under this scheme the pension facility of the employees will continue even in case of job change.
Currently, 43 pension funds are working in the country and 61 billion rupees have been invested in these funds.
Khyber Pakhtunkhwa government first invested in pension funds two years ago and currently 21 pension funds of provincial government employees are functioning. Punjab government is also going to start voluntary pension scheme for employees.
