Islamabad:
Pakistan Sports Board (PSB) has set up a contributing pension fund to ensure long -term pension sustainability and to tackle the future financial pressure.
This decision was made during the 34th PSB board meeting, where changes to the existing pension rules were discussed, a press release said. Following the approval of the Board of Directors, a formal notification was issued for the creation of the fund.
The fund is run by a shared contribution model. Serving employees will contribute 10%of their basic salary, retired employees will also contribute 10%, and pensioners over the age of 72 will contribute 20%. PSB itself will contribute an additional 20%.
