Punjab Govt changes the Pension Rules

Punjab Govt changes the Pension Rules for Govt Employees July 2023

ByParho Pakistan

Punjab Govt has made significant amendments to the pension rules. According to the new regulations of pension for govt employees of Punjab, Employees will get fewer benefits as compared to previous regulations.

Meanwhile, all govt employees are on protest in Lahore for salary increases and pension rules. On the other way, Govt of Punjab has approved the following new pension rules.

In the Punjab Pension Fund Rules 2007: In Rule 2, in sub-rule (1), after clause j the following shall be Inserted: Pension liabilities means the obligation of the Government as provided under section 18 of the Punjab Civil Servants Act, 1974 (VIII of 1974).”.

after CHAPTER-IV, the following shall be inserted: “CHAPTER IV-A WITHDRAWAL OF PROFITS

13A. Estimate of withdrawable profits. (1) Subject to rule 13B, the Fund shall provide an estimate of the size of the fund and annual profits, which may be withdrawn, not later than the end of the third quarter of the ongoing financial year.

(2) The Finance Department shall make budgetary allocations based on the estimates of withdrawable profit provided by the Fund under rule 13A in the Annual Budget as a Non-Tax Receipt.

13B. Limits on withdrawal of profits from Reserve Fund.- The annual limit for withdrawal of profits from the Fund to discharge pension liabilities shall not be more than fifty percent of the net profits realized by the Fund during the previous financial year:

Provided that the computed amount shall be capped at the lower of:

(a) the total amount contributed by the Government to the Reserve Fund during the previous three financial years; and (b) the amount of profits that is more than the highest closing value of the Fund at the closing of any previous financial year.

13C. Process of withdrawal from Reserve Fund.- (1) No amount shall be withdrawn from the Fund except with the approval of the Management Committee.

(2) The Finance Department shall communicate its actual requirement to the Fund for the withdrawal of profits during the ongoing financial year subject to rule 13A.

(3) The General Manager shall place the requirement of the Finance Department before the Management Committee for its consideration and approval.

(4) The Management Committee shall approve the withdrawal of profits from the Reserve Fund subject to rule 13B

(5) The General Manager shall convey the decision of the Management Committee to the Finance Department.

13D. Transfer to Provincial Consolidated Fund.- The Finance Department shall issue a sanction for the transfer of the proceeds realized in the Reserve Fund to the Provincial Consolidated Fund to the extent of profits approved to be withdrawn by the Management Committee.

Pension Rules for Govt Employees July 2023 Offical Notification

Pension Rules for Govt Employees July 2023 Offical Notification
Pension Rules for Govt Employees July 2023

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