BY slashing its contribution to its employees’ pension benefits to 12pc of their pensionable pay from the 20pc it had initially proposed under the new defined, contributory scheme, the centre has ensured significant long-term savings for itself. Employees will continue to chip in 10pc of their pensionable pay. Some might suggest that the savings are being made at the expense of the federal employees’ financial security post retirement. Yet the step was a necessary evil to reduce the ballooning pension liabilities even if its benefits will not fully materialise for the next few decades. If anything, the mandatory........

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