Military Given One Year to Overhaul its Pension Structure: Finance Minister

Finance Minister Muhammad Aurangzeb Thursday said that the pension structure of the military is unique and requires a complete overhaul of its service structure. Speaking during the National Assembly’s Finance Committee meeting, the finance minister said that the military has been given a period of one year to implement new pension-related regulations. He said that an amount of Rs. 1 trillion is spent annually to meet pension-related expenses. He highlighted that new schemes have been introduced through the recent budget to curtail the expenses on pensions, including a voluntary pension scheme for new employees. The minister also pointed out that debt and interest payments make up a significant portion of the government’s expenditure and suggested opting for public-private partnerships for development projects.