For new hires, the government to introduce a contributing pension plan
Description:
The government will announce contributory pension scheme for new employees joining the government services.
Under the Finance Bill 2023 issued on Monday, the legal framework for salaries, allowances and pension benefits can be announced through an Act of Parliament within a period not exceeding 24 months.
The Finance Division, with the approval of the government, will establish a pension fund by the end of the 2023-2024 financial year, which will help meet the obligations of the existing defined benefit pension plan and the new supplementary pension insurance.
The Finance Department may, subject to the approval of the Government, introduce a superannuation scheme for new employees joining Government service from a date approved by the Federal Government.
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