Retirement Age Latest News Today Government employees working in many countries of the world including India, China are demanding an increase in the retirement age.
Talking about China, the retirement age of government employees has been increased by three years. At the same time, the retirement age in India is also 62 years. But meanwhile, news is coming that the Pakistan government has decided to reduce the retirement age of government employees by 5 years. This proposal has also been approved by the cabinet.
It is not hidden from any country in the world that Pakistan is going through a period of extreme financial crisis. To overcome the financial crisis, the government of Pakistan has been doing strange things. In this connection, news is coming that the government is also taking many steps to improve the economy of Pakistan. It is being told that the government has decided to reduce the retirement age to reduce the burden of pension paid to government employees.
According to a report by a renowned Pakistani media house, these steps being taken by the Sharif government were among the proposals suggested by the International Monetary Fund (IMF) to approve the bailout package. The special thing about this is that this suggestion has come a year after the country’s Finance Ministry proposed to increase the retirement age by two years to 62 years to make up for the temporary delay in payment of retirement benefits. However, this step was opposed by the IMF.
According to the report, in a recent meeting, the Cabinet’s Economic Coordination Committee (ECC) had raised questions on the delay in the implementation of instructions to reform the pension scheme. It was agreed in the meeting that it would take time to implement reforms in the existing pension scheme.
In such a situation, the ECC argued that reducing the retirement age by five years could lead to a reduction in pension payments. If this is implemented across the board, it has the potential to reduce the government’s pension obligation expenditure by Rs 50 billion per year. Let us tell you that the federal pension bill in Pakistan is currently more than one trillion rupees. In this, the civilian share is 260 billion and the armed forces’ share is 750 billion Pakistani rupees.
FAQs
1. How much has the Pakistan government reduced the retirement age of government employees?
The Pakistan government has decided to reduce the retirement age of government employees by 5 years. This decision has been taken after approval by the cabinet.
2. What is the reason for reducing the retirement age in Pakistan?
The Pakistan government has decided to reduce the retirement age to improve the country’s economy and reduce pension expenses. This step has been taken specifically with the aim of reducing the government’s pension obligations.
3. What is the current retirement age in Pakistan?
The current retirement age of government employees in Pakistan was 60 years, which has now been reduced by 5 years to 55 years.
4. What impact will this decision have on Pakistan’s economy?
This decision is expected to have a positive impact on Pakistan’s economy as it will reduce the government’s pension liability and ease the financial burden. According to the report, this could reduce the government’s pension expenditure by up to 50 billion Pakistani rupees.
5. What is the pension cost in Pakistan?
The federal pension bill in Pakistan is over one trillion rupees, with the civilian pension share being PKR 260 billion and the armed forces’ share being PKR 750 billion.
