The federal government has formally begun implementing the Defined Contribution Pension Fund Scheme 2024 for public sector employees as part of efforts to reform the existing pension system and reduce the growing burden on the national budget.
Under the new directives, all federal ministries, divisions and departments have been instructed to start implementing the scheme and complete the required administrative measures within the specified timeframe.
The government has directed ministries and divisions to prepare lists of employees covered under the new pension scheme and update their records with the Accountant General Pakistan Revenues (AGPR) within 15 days.
Each ministry and division will also appoint a Grade 17 or above officer as a focal person to oversee implementation and coordinate matters related to the pension fund.
The Human Resources Wing of the Ministry of Finance will supervise the implementation process, while the Controller General of Accounts, in coordination with AGPR, will compile comprehensive data of employees covered by the scheme.
The employee data will be organized according to ministry, division, department and grade to facilitate the transition to the new pension system.
The Ministry of Finance has directed all relevant organizations to complete the necessary measures within the given deadline and has prioritized the implementation of the Defined Contribution Pension Fund Scheme across federal ministries and divisions.
The new system forms part of broader government efforts to address the rising cost of pensions and introduce a more sustainable pension framework for federal employees.
