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What is Pakistan's new voluntary pension scheme for govt employees?

09:52 AM | 6 Mar, 2024
What is Pakistan's new voluntary pension scheme for govt employees?
Source: File Photo

ISLAMABAD – Pakistan's new government is set to introduce Voluntary Pension Scheme from the start of the next Fiscal Year in bid to ease the burden of complex and outdated government pension system.

The initiative will change the existing traditional pension setup on demand of International Monetary Fund (IMF).

The newly recruited government employees will be awarded voluntary pension scheme from July 1, while government employees who joined in previous years will be given a pension from the official budget. Authorities linked transferring of employees to a new pension schemes with their consent.

Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has developed a comprehensive strategy for new recruits, and suggested implementation in private sector as well.

Employees will receive voluntary pensions instead of the government pension scheme. Existing employees may also be transferred to the new scheme after their consent.

The motive aims to provide a stable income to all government employees upon retirement, unlike the Provident Fund or gratuity facilities offered in the private sector, with financial security being in focus.

As of early 2024, 43 pension funds are being established across the country of 240 million, with investment in these funds touching 61 billion rupees.

KP government started investing in pension funds two years back, with 21 funds serving its employees. Punjab government will follow suit to introduce voluntary pension scheme for its employees.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal - 21 April 2024

Pakistani currency remains unchanged against US Dollar and other currencies on April 21, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 21 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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