Govt to Announce Contributory Pension Scheme for New Employees

The government will announce a contributory pension scheme for new employees entering the government services. According to the Finance Act 2023 issued on Monday, the legal framework of pay, allowances, and retirement benefits may be promulgated through an Act of Parliament within a period not exceeding 24 months. The Finance Division, with the approval of the government, shall establish a pension fund by the end of the financial year 2023-24 to help discharge liabilities of the existing defined benefits pension scheme and new contributory pension scheme. The Finance Division, with the approval of the government, may introduce a contributory pension scheme for new employees entering the government service from a date approved by the federal government.