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PESHAWAR, Jul 24 (APP):Under the supervision of Advisor to Chief Minister Khyber Pakhtunkhwa on Finance and Inter-Provincial Coordination Muzzammil Aslam, the Secretary Finance, Amer Sultan Tareen, on Thursday signed an agreement with Pak-Qatar Takaful under the Contributory Provident Fund (CPF) scheme.
A simple and dignified ceremony for the signing was held at the Finance Department’s conference room that was also attended by Advisor for Finance Muzzammil Aslam, , Additional Secretary Budget Arshad Ali, Team lead Abdul Qayyum, Deputy Director Pension Cell Naveed Alam and delegation representing Pak-Qatar Takaful.
Speaking on the occasion, Finance Advisor Muzzammil Aslam said that the KP Government is expanding the Contributory Provident Fund scheme to further strengthen its pension reform efforts. The CPF, launched in 2022 for provincial civil servants is a flagship pension initiative and more than 59,000 government employees have been registered under the scheme so far.
He said that the program is based on a joint contribution model aimed at securing the financial future of government employees — wherein the employee contributes 10 percent of their basic pay while the government contributes 12 percent monthly.
He explained that the CPF scheme engages only those Asset Management Companies (AMCs) that are licensed by the SECP and have a minimum credit rating of AM2.
It was told that a key feature of the CPF scheme is the outsourcing of its investment component, which operates under the Voluntary Pension System (VPS) model – a structured pension framework regulated by the Securities and Exchange Commission of Pakistan (SECP) since 2005. The KP Government has adopted this model after tailoring it to meet the specific needs of the province.
During the ceremony, it was shared that Pak-Qatar Family Takaful Limited recently obtained its VPS license and applied to become a fund manager under the CPF scheme. After a comprehensive evaluation, the KP Government formally signed the agreement with Pak-Qatar. With this agreement, Pak-Qatar becomes the 13th approved fund manager on the CPF investment panel.