Through your esteemed? news website I wish to suggest to the government to implement the reform of paying lump-some pension to retirees at the time of retirement. The practice is followed in many countries and even in Pakistan private organisations, banks,NGOs etc do it and call it ‘golden handshake’.
The advantage of this form of pension management are many. The retiree will get enough money in lump some to start a business etc, or if? the person wants monthly payment he/she can keep the money in national saving schemes or bank schemes and get monthly payment accordingly. Currently thousands of people are employed by the government to manage monthly pension payments which can be done away with and save the government billions of rupees.
The misappropriation in monthly pension payments, which is in billions, paying ghost pensioners etc etc will be eliminated. The only excuse given for not implementing the scheme is the difficulty in arrangement of lump some money to do this. Such money can be solicited from the IMF or world bank and repaid back with the monthly savings this scheme will accrue.
I hope the government gives due importance to this suggestion and implement it at the earliest. .. Muhammad Irfan, Chitral 16 Jun 2019