ISLAMABAD – The Economic Coordination Committee of the Cabinet has granted approval for the establishment of Pension Fund.
The approval was given during the ECC meeting chaired by Finance Minister Muhammad Aurangzeb in Islamabad.
The committee also approved the proposal of defined contributory scheme for the new entrants from first July this year and for armed forces from first July next year.
The ECC also approved technical supplementary grants to various ministries and divisions.
Earlier this month, the federal government proposed 15 percent increase in pensions of retired employees in budget for next fiscal year 2024-25.
nother summary of Finance Division to launch the “Risk Coverage Scheme for SMEs” was also approved with the direction to monitor and evaluate the scheme on quarterly basis.
The Committee also approved the proposal of Defined Contributory Scheme for the new entrants w.e.f. 1st July, 2024, and for armed forces w.e.f. 1st July, 2025. ECC further approved the summary of Ministry of Information Technology & Telecommunication to return Rs11.13 billion to Universal Service Fund (USF) to meet the budget shortfall.
