ISLAMABAD: The federal government has begun implementing a new pension system for government employees under the Defined Contribution Pension Fund Scheme 2024.
The rules for the scheme have been issued, officially moving the Defined Contribution Pension Fund Scheme 2024 into its operational phase.
The federal government has directed all ministries, divisions and departments to implement the scheme and prepare lists of employees covered under the new pension arrangement.
The ministries have also been instructed to update employees’ data and relevant records with the Accountant General Pakistan Revenues (AGPR) within 15 days.
Each ministry and division has been directed to appoint an officer of Grade 17 or above as a focal person to oversee matters related to the pension fund scheme. Relevant officers and departments will also be designated to ensure implementation.
The Ministry of Finance’s HR Wing has been assigned responsibility for monitoring implementation of the scheme, while the Controller General of Accounts has been directed to work with AGPR to compile comprehensive employee data.
Under the new system, employee records will be organised according to ministry, division, department and grade.
The Ministry of Finance has instructed all relevant institutions to ensure timely implementation of the Defined Contribution Pension Fund Scheme.
