We bring amazing news for all the individuals who are anxiously waiting for the new pension system. The Federal and Punjab Governments decided to Implement a New Pension System. They are going to collaborate with the Securities Exchange Commission of Pakistan (SECP) to introduce a voluntary pension scheme (VPS) for their employees by July 1, 2024, according to official sources. Authorities have decided to develop the VPS to replace the existing traditional pension system for both government employees. The Ministry of Finance has worked closely with the SECP to design the new system. This scheme is already operated in KPK, and allows employers in both the public and private sectors to make fully funded pension contributions to their employees. SECP officials indicated that the scheme could be extended to all newly recruited provincial employees in the fiscal year 2024-25.
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The federal government’s pension expenditure rose to Rs. 480 billion in 2021, with an unfunded liability of approximately Rs. 3 trillion. Similarly, provincial governments have seen substantial increases in pension costs, from Rs. 75 billion in 2011 to Rs. 500 billion in 2020
