Sindh Government Employees’ Contributory Pension Scheme 2024: A Complete Guide
The Government of Sindh has introduced the Contributory Pension Scheme (CPS) 2024 , marking a major reform in the way pensions are structured for public employees. This scheme is designed to replace the traditional “defined benefit” pension system with a modern, sustainable, and transparent defined contribution model . Below is a detailed breakdown to help employees, HR professionals, and stakeholders understand the scheme. Why a New Pension Scheme? For decades, the government followed a non-contributory pension system , where pensions were fully funded from the public treasury. This model created growing fiscal pressure, with pension liabilities consuming a large portion of the provincial budget. The CPS 2024 is aimed at: Ensuring financial sustainability for the province. Reducing the burden on taxpayers . Creating a self-financed pension fund for government employees. Aligning with international best practices in public sector retirement planning. đź‘Ą Who Will Be...