The federal government has introduced a new pension scheme aimed at revamping the current pension system for civil and military employees, reported 24NewsHD TV channel on Tuesday.
According to a notification issued by the Ministry of Finance, under the new scheme, employees will contribute 10% of their basic salary towards their pension, while the government will contribute 20%.
This new pension plan will apply to civil employees who are hired after July 1, 2024, and to military personnel who join the service after July 1, 2025.
These were approved by the Economic Coordination Committee (ECC) following the recommendations made by the Pay and Pension Commission.
Reporter: Waqas Azeem