Islamabad:
The Pakistan Sports Board (PSB) has established a contributory pension fund to guarantee the sustainability of long -term pensions and to address future financial pressures.
This decision was made during the 34th meeting of the PSB Board, where the amendments to the existing pension rules were discussed, a press release said. After the approval of the Board, a formal notification was issued for the establishment of the Fund.
The fund will be operated in a shared contribution model. Service employees will contribute 10%of their basic salary, retired employees will also contribute 10%and pensioners over 72 will contribute 20%. The PSB itself will contribute with additional 20%.
