Punjab to make new pension rules

LAHORE: Punjab Finance Minister Hashim Jawan Bakht has directed the department concerned to make new pension rules for the newly-recruited government employees while the unutilised funds of the government institutions in the banks should be for resources generation.

The volume of the development budget could be increased for the next fiscal year by increasing the government revenue generation from these funds and public-private partnership. The minister said this while chairing a meeting Tuesday to review the unutilised resources; released budget and current financial situation of the ongoing financial year.

The meeting was attended by Finance Secretary Abdullah Sumbal, Additional Secretary Mujahid Sher Dil and other officers concerned of the department. The minister observed that exaggerating the volume of the budget by manipulating the number was not a miracle rather utilisation of the released budget was important. The real success of the institutions is the efficient utilisation of the released development funds. He asked ensuring the efficient utilisation of development funds for the infrastructure projects of the Lahore Development Authority (LDA). He said 61.4% of the budget released for development funds was utilised so far in the current financial year out of which 54.46 percent of ongoing schemes, 65.6 percent of funds released for new schemes, 75.9 percent of funds released for other schemes and 97.1 percent of funds released for foreign-funded schemes. The finance secretary also apprised the meeting of the revenue generation. Later, the minister also chaired a meeting regarding restructuring of Punjab Small Industry Corporation (PSIC) in which industry secretary, Small Industries Corporation MD were present while provincial minister for industry and commerce Mian Aslam Iqbal was present on Zoom link.

Stressing on the need to prepare a business model for making the Punjab Small Industries Corporation self-sufficient, the provincial finance minister said there was no need of the number of institutions in the public sector for the services that can be better availed from the private sector. He asked the PSIC to expand its scope of services and prepare a clear and comprehensive business plan for restructuring of the institution. The meeting approved a supplementary grant for payment of pension dues for small industries. PSIC managing director informed the meeting that a pension fund is being set up under PSIC which will help in resolving pension-related issues in future.