Major change in pension payment being contemplated in budget

Chitral: According to information gathered from the media, the government is contemplating major change in the pension payment system. According to the proposal the retirement age is likely to be reduced from 60 years to 55 years. Instead of monthly pension for lifetime, a one time payment would be made to the retiree at the time of his/her going on retirement, something like private companies banks etc call ‘golden handshake’ The new reforms would reduce the burden of continuous pensions on the exchequer which also includes the large scale corruption and misappropriation in disbursement of pensions.. .. CN monitoring, 29 Apr 2019.

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