ISLAMABAD – The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, has approved the establishment of a pension fund starting July 1, 2024.
According to the statement, the ECC has sanctioned the contributory pension scheme for government employees effective from July 1, 2024, while the contributory pension scheme for the armed forces will begin on July 1, 2025.
The ECC also approved the return of over Rs. 11 billion in funds to the Universal Service Fund and granted Rs. 2 billion for pending dues of the Ministry of Railways.
The ECC has approved a grant of over Rs. 4.22 billion for payment of FBR’s foreign project obligations, and a grant of over Rs. 7.98 billion for the Ministry of Planning for the payment of the seventh census dues.
Additionally, a grant of Rs. 12.1 billion has been approved for the payment of Sindh government’s dues, and over Rs. 8.62 billion has been allocated for pension payments of Military Accounts and AGPR.