ISLAMABAD – The Federal government is mulling options to extend retirement age to 65 years, Finance Minister Muhammad Aurangzeb revealed on Tuesday.
The Finance Minister mentioned that they’re considering raising the retirement age to help handle the pension burden. Mr. Aurangzeb shared this during a press conference in Islamabad, where Law Minister Azam Nazeer Tarar and Information Minister Attaullah Tarar were also present.
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Aurangzeb, drawing from his background in banking, underscored the financial strain posed by pensions.
The Finance Minister said, “pensions are significant liabilities,”.
He emphasized upon extending the retirement age, citing productivity during later years as beneficial for the economy.
Aurangzeb suggested there would be big changes to the economy soon, and these changes would line up with getting help from the International Monetary Fund.
He stressed the importance of stabilizing the economy and fostering investor confidence.
Law Minister Tarar agreed with Aurangzeb’s ideas about making big changes to pensions that would affect many different areas. He said they need to make new laws and set up a group to make sure everything happens smoothly.
In simple words, Information Minister Attaullah Tarar said that pensions are causing financial problems, and the government needs to deal with them consistently across all organizations.
