OPF Reactivates Pension Scheme for Overseas Pakistanis
Associated Press of Pakistan
March 16, 2008
The Overseas Pakistanis Foundation (OPF) has reactivated pension scheme for Pakistani citizens living abroad. Talking to APP on Sunday, Managing Director, OPF, Seyed Hasnain Haider said there are more than 7 million Pakistanis all over the world and OPF is making an all out effort to facilitate them.
He said these Pakistanis contribute a huge sum of money to the national exchequer every year but, ironically, a large majority of them does not have institutionalized social security or insurance cover in the country of employment or at home.
Mr. Haider said this coverage becomes more imperative in old age or in case of serious disability or death of a wage earner. With the above in view, he maintained, the Overseas Pakistanis Foundation had launched a voluntary and self contributory pension scheme for its overseas citizens in 2001 making Pakistan the first country in the region to offer such an incentive.
Under this programme, he said, different pension packages have been finalized by Actuaries offering 5, 10 and 15 years plans with option of lump sum contribution of Rs. 120,000 and Rs. 24,000 per annum for annual installment payment plan. There is no maximum limit of contribution for both plans but additional amount must be in multiples of minimum. All contributions are payable in US dollars at prevailing exchange rate.
On their permanent return to Pakistan, the members can pay the remaining amount in Pak Rupees as well, he added.
Seyed Nayyer Hasnain Haider said the pension payments on maturity are made through scheduled banks in Pakistan. In case of subscriber’s death, the spouse/nominee and the children are liable to get the pension. Thereafter, he mentioned, the deposited amount with accumulated profits is given to the legal heirs.
It is pertinent to mention that he scheme was launched in 2001, but it could not take off due to various administrative bottlenecks. The Managing Director of OPF Syed Nayyer Hasnain Haider, who is also Chairman of Overseas Pakistanis Pension Trust (OPPT), after assuming his office in June 2007, accorded top priority to review and reactivate the scheme.
The payment of pension to matured cases was started immediately and all cases matured up to February 2008 have been paid their monthly pension dues. OPF has also revised its investment policy and funds which were lying idle with banks have been invested in ‘high yield low risk’ ventures in the capital market and mutual funds etc.
The efficient management of OPPT funds has yielded a return of over 18%, against the target of 14%.
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