Breaking News: ECC Approves Pension Fund for Retired Employees
The Economic Coordination Committee (ECC) of the federal cabinet has given the green light to the establishment of a pension fund for retired employees. Finance Minister Muhammad Aurangzeb chaired the ECC meeting where a Defined Contributory Scheme for new entrants was also approved.
The scheme will come into effect for civilian employees from July 1, 2024, and for military personnel from July 1, 2025. Additionally, the ECC endorsed the proposal to return Rs. 11.13 billion to the Universal Service Fund (USF) to cover the budget shortfall.
Furthermore, funds were allocated to the Federal Board of Revenue (FBR), Ministry of Railways, and Planning Commission for various projects. The ECC also gave the go-ahead to launch the “Risk Coverage Scheme for SMEs” and instructed for quarterly monitoring and evaluation.
The meeting was attended by key government officials. In a related development, amendments to the Government Employees Pension Scheme have been proposed in the Budget 2024 to reduce the burden on the national exchequer.
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