Punjab changes pension regime to save Rs59.1bn in three years.
Byline: Nasir Jamal
LAHORE -- The changes in the minimum voluntary retirement age (MVRA) and pension rules for provincial government employees are projected to save Punjab a cumulative pension expenditure of Rs59.1 billion over the next three financial years through 2020/23.
The provincial cabinet had approved the changes in the retirement age in its meeting held on June 15 to approve the budget for the present financial year.
The modifications in the retirement and pension rules were suggested by a cabinet committee formed to examine the pension regime in the province under finance minister Makhdum Hashim Jawan Bakht. The objective is to reduce the growing burden of the provincial pension bill and create fiscal space for development and other necessary expenditure.
After changes, the minimum voluntary retirement age has been increased to 55 years or 25 years of service, whichever is later.
Cabinet has approved changes to minimum voluntary retirement age
'These changes are expected to bring about substantial fiscal space on account of deferment of pension-related expense by reducing the number of early/voluntary retirements,' according to the 2020/21 provincial budget documents. The savings are projected to be close to Rs20bn this year, Rs20.6bn next fiscal and Rs18.5bn in the third year.
According to official data, the trend of seeking early voluntary retirement amongst the provincial civil servants is on the increase for several years, adding significant burden of pensions on the budget. For example, the...
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