Government Announces New Pension Policy Changes
The government has introduced significant changes to the pension policy to address rising pension costs. The Finance Ministry issued these changes through three separate memoranda. The amendments aim to ease the financial strain on the federal government while ensuring support for retired employees and their families.
The new policy fixes the period for receiving family pension after a retired employee’s death at 10 years. The duration for the Special Family Pension has been extended to 25 years. Additionally, a child of a deceased employee who has a disability will now receive a pension for life.
The policy also revises conditions for voluntary retirement. Employees can now opt for early retirement only if they have completed at least 25 years of service. Those who retire early wil...