Govt Revises Pension System, Introduces New Calculation Method
In a major policy shift, the federal government has revised the pension system, unveiling a new calculation method aimed at reducing the financial burden on the national exchequer while ensuring sustainable benefits for retirees. The move comes after years of debate over the mounting pension bill, which has become one of the largest components of public expenditure.
According to the Ministry of Finance, the revised system introduces a formula that links pensions more closely with the length of service and average salary drawn, instead of final basic pay alone. The adjustment is designed to create a fairer structure that rewards years of contribution while discouraging misuse of the old framework.
Government officials explained that the reform will be implemented in phases, beginning with new entrants to public service, while existing retirees will continue under the previous system. This phased approach, they said, will help manage transition challenges and avoid disruption for current pensioners.
Experts in public finance have welcomed the change, noting that unchecked pension liabilities have long been a threat to fiscal stability. They emphasized that while the reform is a positive step, the government must also invest in pension funds and explore contributory schemes to ensure long-term viability.
Public sector unions, however, have expressed reservations, arguing that the new calculation method may reduce benefits for future retirees. They have called for consultations to safeguard employees’ rights while balancing fiscal reforms.
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خلاصہ (اردو میں):
حکومت نے پنشن سسٹم میں بڑی تبدیلی کرتے ہوئے نیا طریقۂ حساب متعارف کرا دیا ہے۔ نیا فارمولا سروس کے دورانیے اور اوسط تنخواہ کی بنیاد پر ہوگا، جبکہ موجودہ پنشنرز پر پرانا نظام ہی لاگو رہے گا۔
