Lean profit

The unfriendly PML-N government has placed another feather in its cap by squeezing the most vulnerable and weak segment of society – retired government servants or pensioners. The majority of them benefit from the National Savings Scheme called the ‘Pensioners Benefit Account’. This scheme is tax and zakat free, and allows a pensioner to invest up to Rs4 million. The friendly PPP government had standardised profit rates for all pensioners – irrespective of the date of commencement – to Rs1,400 per Rs100,000 of investment. Generally, pensioners were able to meet their day to day requirements despite high inflation.

However, the PML-N government has reduced this profit to Rs800 – a colossal cutback of Rs600. Imagine a person who is in his or her 80s and this scheme is their only source of income. With inflation climbing in double figures, the poor soul is deprived of 43 percent of his earning.

Anwer Jamal Ansari

Rawalpindi