Contributory pension fund set up

ISLAMABAD:

The Pakistan Sports Board (PSB) has established a Contributory Pension Fund to ensure long-term pension sustainability and to address future financial pressures.

This decision was taken during the 34th PSB Board meeting, where amendments to the existing pension rules were discussed, said a press release. Following the board's approval, a formal notification was issued for the establishment of the fund.

The fund will be operated on a shared contribution model. Serving employees will contribute 10% of their basic pay, retired employees will also contribute 10%, and pensioners above the age of 72 will contribute 20%. the PSB itself will contribute an additional 20%.