PM approves establishment of Pakistan Post Pension Fund

ISLAMABAD: Prime Minister Imran Khan has given in-principle approval to the establishment of Pakistan Post Pension Fund for an institutionalized mechanism for disbursing pension to retired employees.

According to a press statement issued by PM Office, chairing a meeting on pension for employees of Pakistan Post, the PM Khan also approved setting up a committee comprising Ministry of Finance, Ministry of Communications, Security Exchange Commission of Pakistan and National Investment Trust to finalize suggestions on the Pension Fund for submission before the federal cabinet.

The statement further said PM Khan stressed devising pension systems across the country on modern lines to meet the challenges of limited financial resources of the government and lessen burden over exchequer.

The meeting was informed that pension consumed around 34 percent of the budget of Pakistan Post, with a gradual increase with time.

Pakistan Post, in line with prime minister’s instructions to follow Malaysia’s pension model, has proposed the establishment of a pension fund.

Murad Saeed briefed about reforms in Pakistan Post and other measures to make the institution profit-making.

The prime minister was apprised that the agreement on digitalization of Pakistan Post would be signed next week, under which the employees would be provided iPads and other gadgets for biometric verification.

For the first time, the retired and elderly pensioners of Pakistan Post have been given pension at their homes, a step being appreciated worldwide including by the United Nations.

The minister said 26 valuable lands had been demarcated which remained under no use so far. The details would be soon presented to the cabinet for using the land for positive purposes.

Imran Khan appreciated Minister for Communications and his team on the reforms relating to Pakistan Post.