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British PM vows crackdown on ‘reckless fat cats’

LONDON: Irresponsible company bosses who "line their own pockets" will face huge fines in the future, British Prime Minister Theresa May vowed on Sunday. May said she would outline plans in the coming weeks to crack down on "abuse" of the system by business chiefs, following the collapse of outsourcing firm Carillion last week. The proposals include giving the pensions regulator powers to issue punitive fines on company directors in cases of clear wrongdoing, according to The Observer. Writing in the Sunday…

CM Sindh orders audit of exponential rise in pension payments

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Thursday ordered a high-level inquiry over the huge expenditures incurred in the account payments of pensions. The chief minister issued the directives while presiding over a meeting on three-year budget strategy 2016-17 to 2020-21.The meeting was attended by Principal Secretary Sohail Rajput and all the concerned officers of finance, planning and development department and Sindh Revenue Board. During the presentation, the chief minister was told that during the…

Upcoming Budget: Govt considering 10 percent increase in salaries

ISLAMABAD: The federal government is reportedly considering 10 percent increment in salaries of government employees and 15 percent increment in pensions in upcoming budget 2017-18, sources said.  According to sources, the working has been started on the directions of Finance Minister Ishaq Dar for the upcoming annual budget of the country. The recommendations suggest that 50 percent of the ad hoc allowance to be merged into basic salaries of government employees along with a ten percent increment. Similarly, 15…

Govt introduces direct credit system to facilitate pensioners

ISLAMABAD: The National Assembly was informed on Thursday that the federal government has introduced Direct Credit System for payment of pension to the retired employees. Parliamentary Secretary for Finance Rana Muhammad Afzal Khan told the House that pension amount will be deposited directly in the pensioner’s bank accounts and can be withdrawn from any scheduled bank. He said that total foreign loans to Pakistan during the last three years were $19.723 billion out of which $2.71 billion were disbursed to provinces.…