18.7% of Total Tax Revenue Goes to Pensioners: Study

[Norwegian]

18% to pensions, then a big chunk for interest payments, then for provinces, then for defense.... what we have actually for the rest of the country left?

 

[Syed1.]

How is this country even surviving with 42% income going to interest payments. Will take decades for IK or anyone else to fix the 3-4 decades of rape since Ayub Khan.

 

[Enigma SIG]

Very brave of you to take on retired clerks, mailman, teachers and government handyman.

Very brave of them to live debt free on my dime.

 

[ziaulislam]

whole system is flawed..
pension should not come from budget but should be from employees on savings..
we should increase employee salary by abit and put that into savings and ultimately pension(just like GP fund)
this is disastrour..good thing is IK is looking at this

i am surprised how atleast he knows about every major issue, is being looked at and being fixed..

How is this country even surviving with 42% income going to interest payments. Will take decades for IK or anyone else to fix the 3-4 decades of rape since Ayub Khan.

lol he will be lucky if people give him 5 years

central punjab isnt happy with current situation..they hold strong power
similarly liberal dont like him

 

[Enigma SIG]

Government is giving me less than half of my private salary even though my department has best salaries in Pakistan.

Perks and privileges?

 

[El Sidd]

Very brave of them to live debt free on my dime.

Are you going to hold them ransom like South Koreans?

 

[Morpheus]

SECP Forms Body to Work Out Plan for Development of Private Pension Market

Posted 1 second ago by ProPK Staff

While gearing up its efforts to develop a private pension and annuity market in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has formed a Pension and Annuity Working Group (PAWG).

​

The Group, having representation of the regulator, Asset Management Companies (AMCs), life insurance companies and the actuarial profession of Pakistan, is assigned to prepare a roadmap for developing country’s private pension and annuity market.

A developed pension market will also help to deepen the market for much-needed long-term capital instruments, while the annuity market has been a missing link between the voluntary pension and insurance sector of Pakistan.

The Voluntary Pension Scheme (VPS) framework that was introduced in 2005, still has a very low uptake from the industry; recorded Rs. 33 billion as of Oct 2020 in assets under management.
This represents only 2% of the overall NBFC sector and accounts for only 30,000 VPS investor accounts. Furthermore, since the life insurance sector has not been engaged in the distribution of VPS products so far, the life-contingent annuity market is almost non-existent in Pakistan. This indicates a huge potential for the VPS market and requires immediate focus to develop this important market.

It is expected that the recommendations of the Group will pave the way for the implementation of a sound roadmap for the development of the private pension market that will not only enhance financial inclusion but also provide much-needed depth to the capital market in Pakistan.

SECP Forms Body to Work Out Plan for Development of Private Pension Market

While gearing up its efforts to develop a private pension and annuity market in Pakistan, the Securities and Exchange Commission

propakistani.pk

++++++++++++++++++

 

[Turingsage]

This includes ALL pensions for the army navy and airforce as well. The defence budget does not include armed forces pensions in Pakistan.

 

[Morpheus]

Increase in Retirement Age Could Save KP Rs. 140 Billion in 10 Years

Posted 2 hours ago by Darakhshan Anjum

Khyber Pakhtunkhwa’s (KP) Minister of Finance Minister, Taimur Saleem Jhagra, said that increasing the retirement age of government employees could potentially save the province around Rs. 140 billion in almost a decade.

​

The Minister said at a news conference,

Although we [the government] have to make other pension reforms, the single decision of higher retirement age will save the province around Rs. 140 billion in around a decade.

The provincial government moved the Supreme Court against the decision taken by the Peshawar High Court (PHC) while turning down the provincial government’s move to increase the retirement age from 60 years to 63 years. The Supreme Court annulled the verdict taken by the PHC and referred the case to the high court on Thursday so that it could announce the verdict in accordance with the law.
According to Minister Jhagra, the rejection of the government’s retirement age decision will have financial implications.

He revealed that after the retirement age had been increased, the annual pension bill had come down to Rs. 5 billion from Rs. 6-7 billion per month and had ultimately increased the province’s savings by Rs. 10 billion within six months.

However, following the PHC’s decision, the pension bill had been increased to Rs. 7.5 billion per month and it had cost the province Rs. 13 billion in eight months.


“The pension bill has grown equal to the development budget for the settled districts of the province. This year, the development budget stands at Rs. 104 billion, while the pension budget totals Rs. 86 billion, which is unsustainable,” he said.

While emphasizing the need to increase the retirement age, the Minister said that the provincial government had been the first in the country to reform the pension system and introduce the changes to the Civil Servants Act.

Increase in Retirement Age Could Save KP Rs. 140 Billion in 10 Years

Khyber Pakhtunkhwa’s (KP) Minister of Finance Minister, Taimur Saleem Jhagra, said that increasing the retirement age of government employees could

propakistani.pk

+++++++++++++++++

 

[Vanamali]

Increase in Retirement Age Could Save KP Rs. 140 Billion in 10 Years

Posted 2 hours ago by Darakhshan Anjum

Khyber Pakhtunkhwa’s (KP) Minister of Finance Minister, Taimur Saleem Jhagra, said that increasing the retirement age of government employees could potentially save the province around Rs. 140 billion in almost a decade.

​

The Minister said at a news conference,


The provincial government moved the Supreme Court against the decision taken by the Peshawar High Court (PHC) while turning down the provincial government’s move to increase the retirement age from 60 years to 63 years. The Supreme Court annulled the verdict taken by the PHC and referred the case to the high court on Thursday so that it could announce the verdict in accordance with the law.
According to Minister Jhagra, the rejection of the government’s retirement age decision will have financial implications.

He revealed that after the retirement age had been increased, the annual pension bill had come down to Rs. 5 billion from Rs. 6-7 billion per month and had ultimately increased the province’s savings by Rs. 10 billion within six months.

However, following the PHC’s decision, the pension bill had been increased to Rs. 7.5 billion per month and it had cost the province Rs. 13 billion in eight months.


“The pension bill has grown equal to the development budget for the settled districts of the province. This year, the development budget stands at Rs. 104 billion, while the pension budget totals Rs. 86 billion, which is unsustainable,” he said.

While emphasizing the need to increase the retirement age, the Minister said that the provincial government had been the first in the country to reform the pension system and introduce the changes to the Civil Servants Act.

Increase in Retirement Age Could Save KP Rs. 140 Billion in 10 Years

Khyber Pakhtunkhwa’s (KP) Minister of Finance Minister, Taimur Saleem Jhagra, said that increasing the retirement age of government employees could

propakistani.pk

+++++++++++++++++

Its one of the measures as life expectancy has gone up around the world. Unemployment should also be taken.

 

[KaiserX]

We are becoming the next greece except much poorer and way to over populated.

 

[El Sidd]

We are becoming the next greece except much poorer and way to over populated.

When Rome cannot give Romans a good afterlife, it shall no longer remain Rome.

The ridicule pensioners have to face in Pakistan results in most earthshaking prayers and hence the state of affairs in Pakistan.