ISLAMABAD: The Federal government is considering options to extend the retirement age of government employees to 65 years, Finance Minister Muhammad Aurangzeb said during a press conference on Tuesday.
Muhammad Aurangzeb stressed that discussions are underway regarding the possibility of increasing the retirement age as a measure to manage the pension load.
While addressing a press conference in Islamabad along with Law Minister Azam Nazeer Tarar and Information Minister Attaullah Tarar, the Finance Minister referring to the pension liability said the service structure will be changed over a period of time to reduce its burden.
The Law Minister Azam Nazeer Tarar clarified that pension reforms will be across the board and will be carried out by taking the parliament on board. He said a committee headed by the Finance Minister is working on these reforms. He said pension reforms will also require legislation.
READ MORE: Government (Retd) employees’ pension to increase from June 2024: Details inside
During the presser, the Information Minister added that recommendations have been sought to reduce the burden of pensions. He said matters pertaining to the length of service are being discussed and there is a proposal to apply it to all the institutions.
He assured that once these matters are finalized, the public will be informed accordingly.
Addressing the broader economic context, Aurangzeb hinted at impending structural reforms, coinciding with preparations for a forthcoming International Monetary Fund bailout package.
Furthermore, Finance Minister Aurangzeb added that the visit of the Saudi business delegation remained very successful. He said the Saudi delegation evinced confidence in Pakistan’s economy.
