Government of Pakistan, Finance Department issued a Notification on 20-08-2024 in connection with Contributory Pension Fund Scheme 2024 Federal for New Entrants Govt Employees. The New Pension Scheme 2024 is a newcomer to the Federal Government. This Notification is not for Federal Government employees who are already working before 01-07-2024. This new CPFS 2024 is also for the Army personnel but it will take effect from 1st July 2025 for them. Government employees will share 10% of their basic pay while the Government will share 20% of the Basic Pay of the employees to the contributory fund. The details are as follows:
Contributory Pension Fund Scheme 2024 Federal for New Employees
As per the Notification, the undersigned is directed to refer to the subject noted above and to state that in pursuance of the Cabinet Decision in case No. ECC-134/13/2024 dated 27-06-2024; The Federal Government has decided that in the future, a Contributory Pension Fund Scheme shall be introduced for all the Civil Employees of the Federal Government including Civilian paid from Defece Estimates who are appointed regularly on or after 01-07-2024. The scheme shall apply to the Armed Forces though are appointed regularly on or after 01-07-2025.
Share of Employees and Government (On the Basis of Basic Pay)
The date of contribution from the employees and the Federal Government is as under:
- Contribution @ 10% of the Basic Pay by the employees.
- Contribution @ 20% of the Basic Pay of the employees by the Federal Government.
- This rate of contribution is purely provisional and subject to change.
- This O.M. may be adopted in true letter and spirit.
The Federal Government has launched this scheme to avoid the heavy load of pensions on the Government. The Khyber Pakhtunkhwa Government has already implemented this CP Fund Scheme for the new entrants. You can read the details of Contributory Fund Rules KP 2022 for the information. There may be some changes or differences in the contribution of the employees and the Government for both. The Punjab Government also has already issued a Notification in this regard.
