Pakistan Post Pension Fund to be Established to Reduce Burden on Govt

Prime Minister Imran Khan approved the establishment of the Pakistan Post Pension Fund, in order to meet the challenges of limited financial resources of the government and to reduce burden on the National exchequer.

The decision was taken in a meeting chaired by the Prime Minister regarding the pension of Pakistan Post employees.

The purpose of establishing the Pakistan Pension Fund is to reduce the burden of pensions on the government and to ensure better management of employee’s pension matters. The prime minister also approved setting up a committee comprising the Ministry of Finance, Ministry of Communications, Security Exchange Commission of Pakistan and National Investment Trust to finalize proposals on the Pension Fund for submission before the federal cabinet.

The meeting was informed that pension consumed around 34 percent of the budget of Pakistan Post, with a gradual increase with time.

Pakistan Post, in line with prime minister’s direction to follow Malaysia’s pension model, proposed establishment of a pension fund. The objective is to reduce the burden on the government and improve the system of pension.

Communications Minister, Murad Saeed briefed the participants about the Pakistan Post reforms and other steps to make the institution into a profit-making entity.

The prime minister was apprised that the agreement on digitalization of Pakistan Post will be signed next week, under which the employees will be provided iPads and other gadgets for biometric verification.

For the first time, the retired and elderly pensioners of Pakistan Post were given pension at their homes, a step being appreciated worldwide including the United Nations. On the eve of Eid, Pakistan Post is disbursing pensions in advance.

The minister noted that 26 valuable pieces of land had been demarcated which remained under no use so far. Details of these areas will soon be presented to the cabinet and its approval would be sought to use them for positive purposes, he added.

Dr Ishrat Hussain briefed about the overall pension mechanism of government employees.

Imran Khan lauded Minister for Communications and his team on the reforms relating to Pakistan Post.

The meeting was attended by Minister for Communications Murad Saeed, Minister for Planning Asad Umar, PM’s Adviser on Finance Dr Abdul Hafeez Sheikh, Adviser on Constitutional Reforms Dr Ishrat Hussain, Secretary Finance Naveed Kamran Baloch, Director General Pakistan Post Muhammad Ikhlaq Rana and senior officials.