Sindh cabinet approves new pension scheme for government employees

KARACHI: The Sindh cabinet approves a new pension scheme for government employees in the provincial cabinet meeting chaired by Sindh Chief Minister Murad Ali Shah.

According to the spokesperson, the new pension scheme will apply to employees recruited after July 1, 2024.

The cabinet was informed that the Sindh Finance Department will enter into agreements with pension fund managers, who will be registered with the SECP and will manage four sub-funds, namely money market, debt, equity index, and equity.

The meeting further informed that an insurance of Rs 1 million will be provided in case of natural death or disability and Rs 2 million in case of accidental death, while the insurance amount will increase by 10% every year.

The cabinet approved a two-year extension of the tenure of Sindh Revenue Board Chairman Dr. Waseem Memon from December 2025 to 2027, based on his performance and increase in revenue collections.

According to the Sindh Chief Minister, revenue collection increased by 140 percent during this period.

The cabinet also approved the purchase of a historic building for the establishment of an IT tower on M.A. Jinnah Bunder Road in Karachi