Government Initiates Voluntary Pension Scheme to Meet IMF requirements

The government has announced plans to launch a voluntary pension scheme, effective July 1, as a strategic move to meet IMF requirements. This scheme aims to modernize the pension system, easing the strain on government finances by transitioning new hires away from traditional pension setups. The Securities and Exchange Commission of Pakistan (SECP) has outlined a detailed strategy for implementing the scheme, offering employees a steady income post-retirement. Moreover, the voluntary pension scheme will allow employees to maintain their benefits even if they change jobs, ensuring financial security in retirement. This initiative reflects the government’s commitment to addressing IMF concerns and promoting long-term fiscal sustainability.