There has never been a time when it was more important for employers and employees to know all their options
I
By Muhammad Faran Bukhari
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n the past year, the federal pension bill has increased from Rs 150 billion in 2020 to Rs 480 billion in 2021. Pensions in Pakistan, when most people think about them, are what you get after you retire from government service. Most private jobs do not offer pension plans in the first
place, and the ones that do usually provide very basic pension plans either along the lines of a provident fund or a simple post-retirement monthly payout. The lack of will to try out other kinds of pension plans is destructive. On a governmental level, it is projected that by 2023 the federal pension bill will rise to an alarming level of Rs 750 billion. On a private level, every year more than a million young Pakistanis
enter the job market, most of whom lack clarity on how retirement benefits work, which retirement benefits they should negotiate when accepting a job offer and how they can maximise their payout at retirement. There has never been a time where both employers and employees have needed to better understand the many retirement benefits options that they have at their disposal. Pakistan is also currently in the formative
