ECC Approves Establishment of Pension Fund

The Economic Coordination Committee (ECC) of the Cabinet Thursday gave the principle approval to the Finance Division for the establishment of a Pension Fund. Federal Minister for Finance Senator Muhammad Aurangzeb chaired the meeting of the ECC at Finance Division. The committee also approved the summary of Finance Division to utilize the funds of Rs. 355.640 million established by Government of Pakistan – Policy Committee and allocate it to National Disaster Management Authority for flood relief assistance. Another summary of Finance Division to launch the “Risk Coverage Scheme for SMEs” was also approved with the direction to monitor and evaluate the scheme on quarterly basis. The Committee also approved the proposal of Defined Contributory Scheme for the new entrants w.e.f. 1st July, 2024, and for armed forces w.e.f. July 1, 2025. ECC further approved the summary of Ministry of Information Technology & Telecommunication to return Rs. 11.13 billion to Universal Service Fund (USF) to meet the budget shortfall. The committee approved the request of the Ministry of Railways for additional funds and allowed grant of Rs. 2 billion to clear pending liabilities.