ECC approves to establish pension funds from July 01

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By MG News | June 28, 2024 at 10:15 AM GMT+05:00

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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:

Ministry/Division Amount (PKR) Purpose
Ministry of Aviation 607.03 million Employee Related Expenses
Communications Division 10.477 million Adhoc Relief Allowance
Defence Division 803.025 million PSDP Project - National Aerospace Science & Technology Park (NASTP)
Military Accountant General and AGPR 8,625 million Payment of Pensions
Finance Division 1,210 million Pay off liability of Government of Sindh (Abolition of Octroi and Zila Tax)
Finance Division 293 million Mandatory payments (Department of Auditor General of Pakistan)
Finance Division 1,086 million Settling pending claims of ZTBL under Prime Minister’s fiscal package for agriculture (Covid-19)
Ministry of Foreign Affairs 1,300 million Requirements of Mission Abroad
Ministry of Information & Broadcasting 366.263 million Contractual obligations and Primary Data Center of the Project
Ministry of Information & Broadcasting 96.480 million Publicity campaign on Defence Day
Ministry of Interior 2.5 million Award for outstanding performance by Mr. Arshad Nadeem (Olympic Athlete)
Ministry of Interior 29.131 million Payment to NTS for Screening Test of Recruitment in ICT Police
Ministry of Interior 130 million Payment of POL charges and clearance of liabilities for ICT Police
Ministry of Law & Justice 112.417 million Regularization of pay and allowances of Law offices
Ministry of Maritime Affair 428.806 million Development projects in Gawadar
National Disaster Management Authority (NDMA) 49.781 million Obligatory payments
Planning Commission 7,987 million Clearance of liabilities for the 7th Population & Housing Census
Federal Board of Revenue (FBR) 4,228.429 million Clearing liabilities of foreign funded projects
Ministry of Interior 444.271 million Allocation to Federal Investigation Agency (FIA) to meet employee related expenses

 

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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