PESHAWAR: Finance Minister Taimur Khan Jhagra on Monday said that Khyber Pakhtunkwa was the first province to introduce a defined contribution pension programme for new employees.
In a statement, he said that without reform, pensioners today, and those joining the pension net in the future on the current defined benefits programme, should not be surprised if their pensions are at risk within ten years maximum.
He said: “Pakistan’s pension challenge is truly an elephant in the room; worth Rs 1.2 trillion and growing at over 20% per year”.
He said that without reform no employee joining today, or indeed in the last ten years, should expect to draw a pension at the end of his/her service.