The Securities and Exchange Commission of Pakistan (SECP) has approved additional pension funds for Balochistan and Punjab.
According to details surfaced on Tuesday, the government has approved eight more pension funds for Balochistan, the SECP said. Punjab has received approval for one additional pension fund, the SECP added.
The SECP said that the total number of approved pension funds for Balochistan has reached 15, adding that Punjab now has a total of 25 pension funds.
"The contribution-based pension system has been implemented in Balochistan. The system is being gradually introduced in government institutions. Pension reforms will reduce the government’s long-term pension liabilities," the SECP maintained.
The contribution-based pension system will provide greater benefits to employees upon retirement, the SECP added.
Moreover, the SECP said that the private asset management companies are professionally managing the pension funds.
