After Sedhr Punjab, New Pension Scheme enforced in Sindh

Sedhr Punjab (HRMS Education)

After Punjab, under the new pension scheme in Sindh too, 10 percent of the basic salary of employees recruited after July 1, 2024, will be deducted from their salaries every month.

The Accountant General Sindh has updated the system for new employees.

According to the notification, it is submitted that the Finance Department, Government of Sindh vide its letter No. FD/SR-111/3-2356/2024 dated: 21″ November, 2024 has forwarded mechanism of deduction from employees’ and Government’s contribution towards “Sindh Contribution Pension Scheme” and its recording in SAP system for the employees hired w.e.f. 01″ July 2024.

The salient features of the mechanism are summarized below:

a) 10% of the basic pay will be deducted from the employee’s salary.

b) 12% of the basic pay will be contributed by the Government of Singh to the Defined Pension Contribution Scheme.

c) The Government of Sindh will allocate budget under (the newly created) Gl. Head A041-Retirement Benefits which will be included in the employee’s monthly gross salary (as Non-Taxable head).

d) Simultaneously, the same amount will be deducted and then credited to the GL. I lead created for the above scheme on posting of the payroll. d) New GL. heads will be created for recording of Contributions made by employees and the Government of Sindh respectively.

e) Similarly, new Gl. head for budgeted amount pertaining to Government’s contribution under the major head A041-Retirement Benefit (Debit) shall be introduced in Chart of Accounts.

Moreover, on HR side, new wage types for the above mentioned newly created GL Heads shall also be required as under:

• Wage type for Regular Payroll
• Wage type for off-cycle Payroll Wage type for Supplementary Payroll