ISLAMABAD
\nFederal Minister for Finance Ishaq Dar said while speaking on the floor of the National Assembly Sunday that the issue of pension was the biggest challenge for the government. \u201cChanges in pension laws are necessary. One person is entitled to one pension [only],\u201d he stated.
\n\u201cIt was a huge burden on the poor country. In the recent budget, the pension bill went up to Rs800 billion,\u201d he added. During the National Assembly session, Federal Minister Ghous Bux Mahar said: \u201cPakistan is the only country where subsidy to the agriculture sector is being withdrawn.\u201d
\nHe added: \u201cThe agriculture sector, which is the backbone of the economy, should be protected. It is necessary to give subsidy to this sector.\u201d PPP leader Khurshid Shah backed the demand of Ghous Bux Mahar.
\nFinance Minister Ishaq Dar said that after the budget meeting on the issue of agriculture, the issues would be resolved with mutual consultation. Petroleum levy to be increased from Rs50\/L to Rs60\/L
\nThe process of clause-wise approval of the Finance Bill, 2023 has started in the National Assembly. Finance Minister Ishaq Dar presented an amendment to the Petroleum Development Levy Ordinance which was approved by the National Assembly by a majority vote.
\nIn the amendment, the petroleum development levy limit was increased from Rs50 per liter to Rs60 per liter. Now, the federal government will have the power to impose PDL up to Rs60 per litre.
\nOpposition member Maulana Abdul Akbar Chitrali also presented an amendment which was accepted and the government did not oppose his amendment. Under the amendment, the Chairman Standing Committee will be authorized to use a 1200cc vehicle. Earlier, 1300cc to 1600cc vehicles were allowed.
\nExcept Maulana Abdul Akbar Chitrali, the sole member of Jamaat-i-Islami in the National Assembly, all the government and opposition members opposed taking the opinion of the Islamic Ideological Council on the Finance Bill due to the inclusion of interest in the financial plan.
\nMaulana Chitrali, on the other hand, demanded that the Finance Bill be sent to the Islamic Ideological Council to review it under the Islamic injunctions.
\nEarlier on Saturday, the finance minister told the National Assembly that the government had implemented various reforms in the pensions scheme. \u201cOne decision is to eliminate multiple pensions, ensuring that a government official will receive only one pension for officials in Grades 17 and above in the first phase,\u201d he said.
\n\u201cBesides, when calculating the pension amount, the ad hoc pension allowance will be included as part of the net pension without compounding. The pensioner will opt for the highest amount of pension,\u201d he added.
\nHe said that high-profile people in Pakistan had currently been receiving multiple pensions. \u201cI know people receiving three pensions,\u201d Mr Dar said. Furthermore, the pension will be available for dependents for 10 years after the death of the pensioner and their spouse.
\n\u201cIf someone in Grade 17 and above is employed again, they will need to decide between receiving a salary or a pension,\u201d Mr Dar said. He said that the federal government would have to introduce a contributory pension fund to control pension expenditures, which he said had become unsustainable.
\n\u201cThe KP government has already introduced reforms in pensions, including contributory pensions for new employees,\u201d he added. He also said that the federal government had created a pension fund for the year 2023-24. \u201cThe rules and procedures for the fund will be finalised soon,\u201d he said and added that austerity measures would continue in the year 2023-24.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Federal Minister for Finance Ishaq Dar said while speaking on the floor of the National Assembly Sunday that the issue of pension was the biggest challenge for the government. \u201cChanges in pension laws are necessary. One person is entitled to one pension [only],\u201d he stated. \u201cIt was a huge burden on the poor country. […]<\/p>\n","protected":false},"author":2,"featured_media":333259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1925],"class_list":{"0":"post-339953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ishaq-dar"},"yoast_head":"\n