Punjab to Reinvest Rs 10 bn of Benevolent Fund
Irum Bukhari, Additional Chief Secretary of Punjab, states that the Punjab government has chosen to reinvest Rs 10 billion from the benevolent fund and has solicited markup rates from various banks.
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The Bank of Punjab proposed a markup of 7.95 percent, and this proposal has been approved. The investing of the money at the new markup rates will result in an annual increase of Rs 795 million.
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At the civil secretariat, the ACS Punjab presided over the meeting of the Benevolent Fund Board. The conference was attended by the president of the Punjab Civil Secretariat Employees Association, the general manager of the Pension Fund, and the representative of the finance secretary.
The ACS stated that the additional revenue will be used for the welfare of government personnel, thereby directly benefiting them.
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