look news india
Pakistan government reduced pension: The Government of Pakistan has cut the pension benefits of retired personnel and armed forces personnel. According to media reports, the Pakistan government has drastically cut the pension benefits of retired personnel and armed forces personnel to reduce the rising pension bill.
More budget is spent on pension also
Pakistan’s Finance Ministry on Wednesday issued three separate notifications on the pension freeze, including a first-time pension cut and changes to determine future pension increases, according to media reports. The notification said that pension is the fourth largest expenditure in the budget after debt servicing, defense and development. Therefore it is necessary to cut it down.
Entitled to more than one pension must select only one pension
According to the notification of the Finance Ministry of Pakistan, on the recommendations of the Pay and Pension Commission 2020, it has been decided that henceforth in a situation where a person is entitled to more than one pension, he will be asked to choose the option. Only one pension.
Pension will be given on the basis of average salary of last two years
In Pakistan, instead of getting pension on the basis of last salary, the new pensioner will get pension on the basis of average salary of last two years. The Finance Ministry said that all existing notifications related to pension should be amended with immediate effect. This change will be applicable only when people who have already retired are getting more than one pension.
Changes made based on the recommendations of Pension Commission 2020
These changes will come into effect from January 1, 2025, and will apply to both retired civilians and military personnel. Apart from this, this rule will also be applicable to those employees who are getting both salary and pension. The Finance Ministry notification said the changes in pension rules have been made based on the recommendations given by a commission set up by former Prime Minister Imran Khan’s government in 2020.
66% of the budget is allocated for military pensions
Reduction in pension benefits of retired employees and soldiers: The government has announced a cut in the budget for the current financial year by Rs. Rs 1.014 trillion has been allocated, of which 66% (Rs 662 billion) is earmarked for military pensions. The pension bill has increased by 24% compared to last year.
