Retirement Age Hike News Latest 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.
Retirement Age Hike News Latest 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.
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