The Governor of Sindh Dr Ishratul Ibad Khan promulgated on Monday an ordinance amending Sindh Province Pension Fund Ordinance 2002 providing for setting up a board to control and manage the fund and to enter into a contract with an insurance company to give pension benefits to the government employees. This ordinance shall be called 'Sindh Provincial Pension Fund (amendment) Ordinance 2005' and shall come into force at once.
The board shall consist of finance minister (chairman), chief secretary, finance secretary, secretary of services, general administration & co-ordination, nominee of the Institute of Chartered Accountants of Pakistan and the nominee of bank or organisation in which the fund is kept.
Secretary finance shall act as the secretary of the board while chief secretary, in the absence of minister finance, shall act as the chairman.
A new section has been added to the ordinance that says, "The board may enter into a contract with an insurance company incorporated in Pakistan having competence and expertise in the field of management of fund to provide pensionary benefits to the employees of government under the scheme prepared by the company with approval of the government."
The ordinance is aimed at extending benefits to the government employees from the investment returns.
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