The federal government has moved to implement the Defined Contribution Pension Fund Scheme 2024 for public sector employees, formally bringing the new pension system into its operational phase as part of reforms aimed at reducing the growing pension burden on the national budget.
The government has issued rules for the scheme and directed all federal ministries, divisions and departments to begin implementation.
Under the new directives, ministries and divisions must prepare lists of employees covered by the scheme and update their records with the Accountant General Pakistan Revenues within 15 days.
Each ministry and division has also been instructed to appoint a Grade 17 or above officer as a focal person to oversee implementation and coordinate matters related to the pension fund scheme.
The Human Resources Wing of the Ministry of Finance will oversee implementation, while the Controller General of Accounts will work with the Accountant General Pakistan Revenues to compile comprehensive employee data.
The employee data will be organized by ministry, division, department and grade to facilitate implementation of the new pension system.
The Ministry of Finance has directed all relevant organizations to complete the required measures within the given timeframe and has prioritized implementation of the scheme across federal ministries and divisions.
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