Pensions should be paid Lump-some instead of monthly payments

Published on: 16/06/2019 | Comments: No comments 

Dear Sir,
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

Major change in pension payment being contemplated in budget

Published on: 29/04/2019 | Comments: No comments 

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.