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Government’s Refusal For Pension In Foreign Exchange

Islamabad, 30 August 2024 (TDI): On Thursday, the ministry of finance announced that retired public personnel residing abroad were requesting their pension to be paid in foreign currency.

Nevertheless, the regulations prohibit this, and the government is unable to make these payments given the state of the economy.

About the pension regulations, the ministry released an illustrative office document.

It said that only workers hired before 1959 were eligible to receive pension payments in foreign currency, and that workers hired after January 2, 1959 were not eligible for this benefit.

Separately, starting July 1, 2024, the ministry announced that the minimum monthly compensation for all civil and contract employees would be Rs. 37,000.

As per the notification, the minimum pay has been raised from Rs 32,000 to Rs 37,000, and individuals who receive less than this amount would receive special allowance.

Also read: 150,000 Government Jobs Cut Proposed

According to the notification, the raise would be available to all federal contract and governmental servants. It clarified that the current budgets of the corresponding ministries and divisions would be used to cover the costs of special allowances.

Sania Zahra
Sania Zahrahttps://thediplomaticinsight.com
A seasoned web content writer with a passion for crafting compelling narratives around the latest trends and news. Adept at producing engaging blog posts and captivating product descriptions. Driven by an insatiable curiosity and a flair for storytelling, eagerly seeking new opportunities to expand my writing horizons and contribute meaningfully to the ever-evolving literary landscape.

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