IMF advises increase in retirement age

ISLAMABAD: International Monetary Fund has asked the government to extend the retirement age and contain pensions bill of the government, ARY News reported.

The salaries and pensions bill of Pakistan's federal government is estimated at about Rs450 billion, including pension expenses of about Rs 171 billion for the current financial year.

Pension and salary bills of the provincial governments are much higher than the federal government.

The IMF has suggested increase in the retirement age as a way out of rising pension bill as part of the public expenditure reforms programme.

Pakistan and IMF holding talks from April 30th as the IMF pressing for reforms to stabilize the economy.

The international monetary agency have also hinted dissatisfaction over the power sector performance with no tangible improvement in non payment of bills and power theft.

IMF is likely to stress Pakistan for effective measures to achieve targets of the reforms programme in the upcoming meeting.

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IMF advises increase in retirement age

by Shakoor Nizamani