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Government Contemplates Retirement Age Increase to Mitigate Pension Liabilities Ahead of IMF Visit

IMF Visit

Finance Minister Muhammad Aurangzeb has unveiled the government’s deliberations on raising the retirement age limit across the board as part of efforts to alleviate pension-related financial burdens.

The announcement, made during a joint press conference in Islamabad on Tuesday, saw Aurangzeb flanked by Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar.

Aurangzeb emphasized the necessity of restructuring the service framework gradually to alleviate the strain of pension liabilities.

This development comes as the International Monetary Fund (IMF) mission prepares for its imminent visit to Pakistan, during which discussions pertaining to a broader and more extended economic programme are anticipated.

Highlighting the government’s priority on ensuring macroeconomic stability and implementing structural reforms, Aurangzeb emphasized the positive trajectory of Pakistan’s economy, citing increasing investor confidence and robust agricultural growth, which has reached 5% due to favorable crop yields.

Regarding the pension reforms, Law Minister Azam Nazeer Tarar assured that these changes would be implemented across all sectors in consultation with parliament.

He underscored the formation of a committee led by the finance minister to steer these reforms, stressing the legislative aspect of pension reform.

Information Minister Attaullah Tarar echoed the sentiments, stating that pension reforms are essential to alleviate financial burdens and align with global trends of increasing retirement ages due to rising life expectancies.

He refuted speculations regarding targeted institutions, asserting that any approved changes would be uniformly implemented across the board.

Furthermore, Tarar highlighted the government’s commitment to fiscal discipline, including reducing expenditures and privatizing loss-making state-owned enterprises to streamline operations and improve efficiency.

In summary, the government’s contemplation of raising the retirement age underscores its proactive approach to addressing fiscal challenges, aligning with broader efforts to enhance economic stability and attract investment, particularly in the face of impending IMF discussions.

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