Islamabad:
Pakistan Sports Board (PSB) has established a contributory retirement fund to guarantee long -term sustainability of pensions and to resolve future financial pressures.
This decision was made at the 34th meeting of the Board of Directors of the PSB, where changes in existing pension rules were discussed, a press release said. Following the approval of the board of directors, an official notification was issued for the creation of the fund.
The fund will be used on a shared contribution model. Employees in service will contribute 10% of their basic salary, retirement employees will also contribute 10% and retirees over 72 years will contribute to 20%. The PSB itself will contribute 20% additional.
