“In about seven to eight years, the pension budget will be more than the defence budget if it is not handled properly,” said Miftah Ismail, former finance minister of Pakistan. It has ballooned steeply over the last three years, crossing Rs1tr in FY25.

“When a man retires, he gets a pension. After he dies, his wife gets a pension. After his wife dies, his daughter gets the pension,” he explained. Then........

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