Pakistan launches pension plan for expats
- 14 Aug 2022
Tanvir Usman, Staff Reporter
The State Bank of Pakistan (SBP) on Sunday launched the Roshan Pension Plan (RPP) for overseas Pakistanis.
The plan was unveiled by Acting Governor of SBP Dr Murtaza Syed on the occasion of the 75th Independence Day.
He inaugurated the Roshan pension Plan to augment the lifestyle banking under Roshan Digital Account (RDA) initiative for overseas Pakistanis.
He paid rich tribute to the overseas Pakistanis for their relentless contributions towards the country.
He said the overseas Pakistanis can now avail the benefits of financial planning for their post-retirement life in Pakistan through RPP and enjoy an exclusive pension plan.
Soft launch of the product will start from Aug.15, with collaboration of RDA banks and Asset Management Companies, he said.
Syed also unveiled the Rs75 Commemorative Banknote to mark the 75 years of Pakistan’s Independence in a graceful ceremony held in Karachi.
He noted that while issuance of coins and postage stamps is a regular and recurring feature to mark days of national importance, it is relatively rare that the SBP issues a commemorative banknote.
It is worth noting that the Rs75 Commemorative Banknote is the second such banknote to be issued by the SBP. Earlier, the SBP issued the first and so far the only commemorative banknote in 1997 to mark the Golden Jubilee of Pakistan’s Independence. He also elaborated the features of the Banknote.
Remittances sent by overseas Pakistani workers, a major source of foreign exchange, rose to an all-time high in the last fiscal year ended on June 30, data issued by the central bank showed, an encouraging sign for the country.
Pakistan received $31.2 billion in remittances from overseas in July-June FY2022, a 6.1 percent increase from $29.4 billion in the previous year. Remittances increased 18.4 percent month-on-month to $2.76 billion in June. These inflows saw 1.7 percent year-on-year growth in June.
The SBP’s figures showed that most of the money sent to Pakistan during FY2022 came from Saudi Arabia ($7.74 billion), followed by the United Arab Emirates ($5.84 billion), United Kingdom ($4.48 billion), and the United States of America ($3.08 billion).