Changes in the retirement ages

Changes in the retirement ages

Changes in the retirement ages|PESHAWAR A new policy has begun for the retirement age of government employees, after mutual consultation on retiring the age of 63, two provincial governments have agreed and the two more provincial governments and the finance ministry After approval, this new policy is likely to be adopted in the next fiscal year 2019-20. The Ministry of Finance has spent Rs 56 billion on payment of pension to retired government employees during the current financial year 2018-19 during the current financial year as compared to that during the next financial year. These expenditures will be more than Rs 70 billion and by the end of this financial year, the expenditure will reach Rs 64 billion. In the new fiscal year 2019-20, if the retirement age limit is not increased by three years then the expenditure will be more than Rs.7 billion. According to sources, the four provincial governments and the Federal Ministry of Finance have begun implementing the new retirement policy on an emergency basis to bring the situation under control. Will The two provincial governments have agreed after mutual consultation on retiring the age of 63, and after the approval of the more provincial governments and the finance ministry, the new fiscal year is likely to be adopted in the next 2019-20 budget. Go The Ministry of Finance has spent Rs 56 billion on pension payments to retired government employees during the ten months of the current financial year 2018-19, while this expenditure will increase by more than Rs 70 billion during the next financial year.