ISLAMABAD, Jun 12 (APP): Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday said that the government would adopt a three-pronged strategy to reform the pension scheme in line with international best practices.
The minister, in his budget speech in the National Assembly, said that the government had to pay unfunded pension liability, which was increasing every year.
He said after reforms in the pension scheme, the pension liability would be reduced considerably in next three decades.
The minister said that for fresh employees, a contributory pension scheme would be introduced for which the government would deposit its share every month.
Moreover, a pension fund would be created to manage the liability, he added.
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