Major Amendments in Pension Scheme 2023 All You Need To Know
The Federal Govt of Pakistan recently took steps to implement general changes for Pension Scheme 2023. One change proposed involves amending family pension payments over ten years after an employee dies during this scheme.
If an employee who has retired is disabled and their children require care assistance, then he or she is eligible for a family pension with no set limit – for 20 years has been proposed as ideal.
The Finance Ministry has submitted its budget proposal for approval by the Prime Minister.
Pensions have also been cut significantly: a 45-70% reduction for workers retiring before 2019 is determined, regardless of inflation rates or future increases in earnings. Furthermore, their pension will never increase again once their time with us has ended.
Under the new rules, retirement before July 2023 will not lead to pension reduction or leave accrual issues.
Anti-pension reform teacher demonstrations have spread nationwide, and teachers are resisting classes by refusing to come in for teaching duties – and teaching is being suspended or stopped altogether.