ECC approves to establish pension funds from July 01

June 28, 2024 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has decided to establish the pension funds from July 01, 2024, said a press release issued by the Finance Ministry.

The Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting of the ECC of the Cabinet on Thursday.

A statement of the Finance Ministry issued after the ECC meeting said, “ECC also gave the principle approval to the Finance Division for the establishment of Pension Fund.”

The committee also approved the proposal of Defined Contributory Scheme for the new entrants with effect from July 01, 2024, and for armed forces with effect July 01, 2025.

The cabinet committee gave approval of the following Technical Supplementary Grants (TSGs) to various Ministries/Divisions:

The cabinet committee also approved the summary of Finance Division to utilize the funds of Rs355.640 million established by Government of Pakistan – Policy Committee and allocate it to National Disaster Management Authority for flood relief assistance.

Another summary of Finance Division to launch the “Risk Coverage Scheme for SMEs” was also approved with the direction to monitor and evaluate the scheme on quarterly basis. 

ECC further approved the summary of Ministry of Information Technology & Telecommunication to return Rs11.13 billion to Universal Service Fund (USF) to meet the budget shortfall.

The committee approved the request of the Ministry of Railways for additional funds and allowed grant of Rs. 2 billion to clear pending liabilities.

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