Overseas Pakistanis Foundation (OPF) has launched a self-contributory pension scheme to facilitate about seven million Pakistanis working abroad. The scheme is being managed by Overseas Pakistanis Pension Trust, which is a subsidiary of OPF.
OPF sources told newsmen here on Thursday that majority of the overseas Pakistanis had been working in the Middle East in informal sectors and did not enjoy any social security cover either in the country of employment or at home. "The pension scheme was necessitated to provide them a cover during old age, serious disability and in case of death," sources said.
The OPF has asked overseas Pakistanis to get themselves registered with the foundation to get membership, which was a must for utilising the pension scheme. Sources said that different pension packages had been finalised by the foundation offering five, 10 and 15-year plan with option of lump sum and annual payments.
Minimum contribution has been fixed at Rs 24,000 instalment for the annual payment plan and Rs 120,000 for the lump sum payment plan. The OPF pension scheme provides options to the applicants to decide how much they like to contribute. It has not fixed maximum limit of contribution for, however advises that all contributions are payable in US dollars at prevailing exchange rate.
However, if the member comes back to Pakistan permanently, he could be given balance payment in Pakistani rupees. On maturity of the plan, pension would be paid through the nearest bank of the subscriber, however, in case of subscriber's demise, the payment of pension shall continue to the nominee and then to the children till the youngest becomes 18 years old, sources added.