Pension Fund hiring criteria revised

LAHORE:The Punjab Pension Fund held its 48th meeting here Wednesday, chaired by Punjab Finance Minister Mujtaba Shuja ur Rehman, at the Finance Department’s committee room.

The meeting covered a four-point agenda, which included the approval of minutes from the previous meeting, the advertisement for recruitment to vacant positions in the Punjab Pension Fund, development of a portal for the Defined Contribution Pension Scheme, and the installation of a Pension Management System.

The Additional Secretary of Finance introduced the newly appointed General Manager of the Punjab Pension Fund, Ashb Naeem Iqbal, whose appointment was approved by the Pension Committee in alignment with the fund's needs.

During the meeting, Mr Iqbal gave a briefing on the progress made following the decisions from the last Pension Fund Management Committee meeting, highlighting the launch of investment management services under the Punjab Pension Fund.

On the recommendation of the Human Resource Committee, recruitment criteria for vacant positions in the Pension Fund have been revised to include additional qualifications and relevant experience, alongside educational requirements. The committee will make the final decision regarding the appointment of candidates who meet the revised criteria.

The provincial minister urged the Human Resource Committee to strictly follow legal requirements, rules, regulations, and merit when making appointments to fill the vacant positions in the fund. He also emphasised the need for reviewing financial models before hiring vendors to develop the Defined Contribution Pension Scheme portal, ensuring that all expenses remain within the budget. The committee will also be briefed on pending agendas in the next meeting.

The minister welcomed the new General Manager expressing confidence that his education, experience, and expertise would contribute to the success of the Punjab Pension Fund. Other attendees included the Secretary of Planning and Development, the Secretary of Law and Parliamentary Affairs, and the Additional Secretary of Finance. Syed Tahir Nawaz and private member Muhammad Shehzad Saleem participated via Zoom.