LAHORE – The government of Punjab has rolled out revised pension policy aimed at enhancing financial security for government employees.
Under this scheme, the provincial state and employees will contribute to fund, with deductions made from employees’ monthly salaries and an equal contribution from the government.
Punjab Finance Department issued notification to implement Contribution Pension Scheme after amendments to the Pension Rules, which will take effect immediately. This policy applies to government employees recruited after 2024, in accordance with the Punjab Civil Servants Amendment Ordinance 2023.
The new system ensures that employees’ contributions are deposited into their pension accounts each month, while the government matches the amount. Qualified pension fund managers will oversee the investment of the accumulated funds, ensuring stability and growth.
Employees will have option to choose between conventional or Sharia-compliant pension funds. Upon retirement, they will have the option to receive monthly pension payments or withdraw their savings, subject to specific conditions.
To maintain transparency and efficiency, the Punjab Pension Fund, in collaboration with the Punjab Accountant General, will monitor and regulate the scheme. This initiative marks a significant step toward improving the financial future of government employees in Punjab.
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