Govt introduces new pension scheme for all federal employees

The government has introduced a new contributory pension fund scheme for all federal government employees, according to an office memorandum issued by the Ministry of Finance on Tuesday, Express News reported.

The memorandum states that the scheme will apply to all employees hired on a permanent basis from 1st July 2024 onwards.

It will also include civilian employees who receive their salaries from the defence budget.

Furthermore, the scheme will be applicable to armed forces personnel recruited on a permanent basis from 1st July 2025 onwards.

This initiative marks a significant shift in pension policy, aimed at ensuring long-term financial sustainability and security for government employees.