The Punjab Finance Department has revised pension regulations, introducing reductions for individuals opting for early retirement.
According to the new notification, pension amounts will be adjusted based on the retiree's age at the time of voluntary retirement. A 59-year-old retiree will face a 2% reduction, while those retiring at 58 will see a 4% cut.
The reductions increase progressively, with pensions reduced by 6% for 57-year-olds, 8% for 56-year-olds, and 10% for those retiring at 55.
The amendments are intended to regulate early retirement benefits and promote fiscal sustainability. The notification highlights the government’s commitment to aligning pension policies with broader economic objectives.