SSRA allays fears members of social security fund following the government decision to review pension funds regulations.
SSRAclarified that the government decision to amend social security act is the main reason for review of provision of retirement benefit formula.
Under new formula pensioners will now receive 25 per cent in lump sum payment, while the remaining 75 per cent of their servings will be paid on monthly base in a period of 12 years.
Previously members of Government Employees Pension Fund (GEPF), Local Authority Pension Fund and those from Public Services Pension Fund (PSPF) were receiving 50 per cent in lump sum and 50 per cent monthly packages
