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Pensions in Pakistan are provisions which are provided to retired employees. [1] Because only the retired formal sector mostly benefits from pensions, most of the social schemes and retirement welfare system in the country cover a small proportion of the old-age population, whereas a significant proportion of the elderly population working in the informal sector remains largely unprotected by ...
In November 2023, Pakistan Post announced that it would stop paying pensions to military accounts. This amount will be transferred to the banks from December 1. The decision was taken to meet the requirements of the Financial Action Task Force (FATF) after it failed to digitize its accounts.
Examples of other pay systems in Pakistan include the Special Pay Scale (SPS) and army scales, while private organizations, companies, and industries are free to devise their own pay structures, subject to the government setting a minimum salary for private employees.
This disclosure came after the Public Accounts Committee’s announcement that three high-ranking military generals were accountable for the losses of Rs1.8 billion in the scam involving the National Logistics Cell. Among the 88 officials charged with corruption was a high-ranking officer from the Pakistan Armed Services Board. [6]
The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing ...
The modern history of the Pakistan Army dates back to the formation of Pakistan in 1947, following the partition of the India subcontinent. [1] The army was initially formed as a professional land force by inheriting the assets and personnel of the British Indian Army, with its first commander-in-chief, Frank Messervy.
Mandatory occupational pension provision: Voluntary private collective pension provision; Voluntary private individual pension provision Georgia: Basic pension: N/A: N/A: N/A Germany: Social assistance: Social insurance system: Voluntary occupational pension insurance: Private pension schemes Hong Kong: Basic pension: Provident fund system: N/A ...
The transparency of Pakistan's military expenditure has been criticized. Major acquisitions by the armed forces, expenditure on the Public Sector Development Program (PSDP), expenditure on the nuclear program and para-military forces, payment of military pensions, and a few other military expenditures do not appear in the budget.