KARACHI: The Sindh government has announced a significant overhaul of its pension system, abolishing monthly pensions for retired employees hired after July 2024.
Under the amended Civil Service Act of 1973, new employees will instead participate in the Sindh Employee Benefit Scheme.
This scheme requires both employees and the government to contribute to a fund, with employees contributing 10% of their salary and the government adding 12%.
Upon retirement, beneficiaries will receive a one-time Golden Cheque Gratuity. This change aims to alleviate the financial burden of pension payments on the provincial budget.
The Sindh Defined Contributory Pension Scheme 2024, approved by the cabinet, will replace the traditional pension system for employees hired or regularized after July 1, 2024.
The new scheme marks a significant shift towards a contributory model, where employees and the government share responsibility for retirement benefits. This amendment is expected to bring financial sustainability to Sindh’s pension system, ensuring better management of provincial resources.
ISLAMABAD: According to Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the new moon of…
KOHAT: A residential house collapsed due to heavy rain in the Malgin area of Lachi…
ABU DHUBAI: The United Arab Emirates has prepared a plan to establish a new multi-purpose port…
DUBAI: The International Cricket Council (ICC) is considering plans that could allow the Afghan women's…
ISLAMABAD: Escalating tensions between the United States and Iran have once again unsettled global oil…
ISLAMABAD: Pakistan's energy sector is headed for another high-stakes international commercial arbitration, with Petrosin CNG…