The federal government has launched a new Contributory Pension Fund Scheme effective for civil employees recruited from July 1, 2024. According to an announcement from the Finance Division on Tuesday, this scheme will cover all new federal government workers, including those employed under Defense Estimates, and will be extended to new recruits in the Armed Forces starting July 1, 2025.
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Under this scheme, employees are required to contribute 10% of their basic salary, with the government providing an additional 20% contribution. The Finance Division indicates that these contribution percentages are provisional and subject to future adjustments.
This initiative follows the Economic Coordination Committee’s approval in June to establish a dedicated Pension Fund aimed at enhancing retirement security for government workers.
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