The federal government has moved to implement the Defined Contribution Pension Fund Scheme 2024 for public sector employees. The move formally brings the new pension system into its operational phase.
The scheme is part of broader government reforms aimed at reducing the growing pension burden on the national budget. New rules have been issued, with federal ministries, divisions and departments directed to begin implementation.
Under the new directives, ministries and divisions must prepare lists of employees covered by the scheme. They must also update employee records with the Accountant General Pakistan Revenues within 15 days.
Each ministry and division has also been instructed to appoint a focal person for the implementation process. The officer must be in Grade 17 or above and will oversee the scheme within the relevant organization.
The focal persons will also coordinate pension-related matters with the concerned authorities. This is expected to help ensure that the new system is implemented across federal departments in a coordinated manner.
The Human Resources Wing of the Ministry of Finance will oversee the overall implementation of the scheme. The Controller General of Accounts will also work with the Accountant General Pakistan Revenues on the process.
The authorities will compile comprehensive employee data for the new pension system. The information will be organized according to ministry, division, department and grade.
The data collection is intended to help authorities identify employees covered by the scheme. It will also support the government in managing the new pension arrangements more effectively.
The Ministry of Finance has directed all relevant organizations to complete the required measures within the specified timeframe. Implementation of the scheme has been prioritized across federal ministries and divisions.
The move marks a significant change in the way pensions for covered public sector employees will be managed. The government expects the new system to help address long-term financial pressures linked to pension payments.
The Defined Contribution Pension Fund Scheme 2024 is expected to become an important part of federal pension reforms. Further implementation steps will follow as ministries complete employee records and establish the required coordination mechanisms.
