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The federal government has issued a notification of 17 and a half percent increase in pension. According to the notification issued by the Ministry of Finance, from July 1, all pensioners of the federal government, including civil pensioners of defense and retired armed forces and retired employees of civil armed forces The increase has been approved. The increase in pension will also apply to family pension. Besides, the minimum pension has been increased from 10 thousand rupees to 12 thousand rupees from July 1,2023.
The federal government had announced a 35% increase in the salaries of government employees and a 17.5% increase in pension in the budget of the next financial year, the pension of EOBI pensioners has been increased to 10 thousand rupees. has approved the federal budget in which new taxes of 215 billion rupees have been imposed. The government has decided to give the option of early retirement to the federal government employees on completion of 25 years of service. According to the decision of the Finance Division, the federal employees who will retire after completing 25 years of service will have to face a 3% reduction in their pension from the year of retirement to the age of retirement.
Sindh New Pension Policy 2023
Sindh cabinet has approved a pension policy 2023 for the province, reducing the age for retirement for the provincial government employees. Under the new pension policy, it has now been recommended that any employee could be retired from the provincial service after 55 years or on the completion of his 25-year of service. Sindh cabinet approves new pension scheme The age of children has been reduced from 24 to 21 years. Pension should be collected on the basis of last three years salary instead of last salary of employees, 25% lump sum instead of 35% and remaining 75% should be paid in monthly installments to government employees at the time of retirement.
Family pensions will be limited to immediate family members with a wife, husband, or son below 21 years of age to be entitled to the pension, which will cut the burden by Rs112.179bn. The new pension scheme will be applicable to new employees to be recruited after its enforcement.
The government has announced to abolish more than one pension of government officials above grade 17. Under the new reforms, government employees above grade 17 will be able to get only one pension. The series of more than one pension is being abolished. People living in more than one position are taking three pensions. After the death of the retired employee and the spouse, the family member will get only 10 years of pension.
