Sindh govt approves new pension scheme: Here’s all you need to know

KARACHI: The Sindh Cabinet has approved the implementation of the Defined Contributor Pension Scheme 2024, under which newly hired provincial employees will no longer receive pensions or gratuity upon retirement.

Under this new scheme, the employees will now be part of the Defined Pension Scheme, where they will contribute 10% of their salary, and the government will contribute an additional 12%. This combined amount will be deposited into the employees’ individual accounts.

The scheme allows employees to access these funds after retirement, while in the event of death, their heirs will receive the funds.

In the provincial cabinet meeting, chaired by Chief Minister Murad Ali Shah, other key decisions were also made. The cabinet approved the release of PKR 430 million for the restoration of the Reverse Osmosis (RO) plant in Islamkot and the transfer of the Dadu district’s Cadet College to the Pakistan Navy.

Additionally, the cabinet granted protected heritage status to the Karoonjhar Mountain Range and introduced new laws with significant penalties. Cultivating banned crops linked to drugs will now carry a penalty of seven years in prison and a PKR 500,000 fine. Furthermore, illegal bottom trawling for fishing in creeks and provincial marine waters will be legislated against. The Benazir Hari Card, aimed at farmers, will be issued to those owning up to 25 acres of land.

In another major step, the cabinet approved a law imposing up to seven years in prison and a PKR 1 million fine for the possession of drugs.

These initiatives are part of broader efforts to promote reforms, improve governance, and ensure sustainable development across Sindh.