Maps
Magazine

TRADE & ECONOMY

Government Proposes Increase in Retirement Age and Pension Reforms Across all Institutions
The government announces plans to increase retirement age and implement pension reforms across all institutions, including judiciary, armed forces, and civil service.
ND
by News Desk
2024-05-08
Government Proposes Increase in Retirement Age and Pension Reforms Across all Institutions

The Pakistani government has announced proposals to increase the retirement age and implement pension reforms across all key institutions, including the judiciary, armed forces, and civil service.

 

Speaking at a joint news conference, ministers for finance, law, and information highlighted the discussions held by the finance minister-led reform committee, emphasizing the need for these reforms to control expenditure and ensure economic stability.

 

According to Law Minister Azam Nazir Tarrar, the proposed reforms aim to increase the retirement age from 60 to 65 years, with pension liability gradually brought under control through structural reforms. The decision is expected to benefit from the experience of senior employees while containing significant retirement benefit expenditures.

 

Finance Minister Muhammad Aurangzeb stressed the importance of these reforms in ensuring economic stability, citing the positive impact of previous structural reforms on macroeconomic indicators. He indicated ongoing discussions with the IMF for a larger and longer program to solidify macroeconomic stability through reforms in taxation, the energy sector, and state-owned entities.

 

The proposed reforms have been described as across-the-board, with legislation required to enact changes in various acts governing different institutions. Minister Tarrar clarified that the reforms would apply uniformly to all institutions, ensuring fairness and transparency.

 

The announcement comes amidst speculation about potential extensions in the tenures of top officials in key institutions. Information Minister Atta Tarrar dismissed claims of targeting specific institutions, emphasizing the government's commitment to transparency and public engagement.

 

As discussions continue and decisions are finalized, the government pledges to keep the public informed about developments regarding retirement age and pension reforms.

 
Tagged:

Pakistan

EconomicStability

PensionReforms

RetirementAge

GovernmentInitiative
Share News: