There are two saving schemes for senior citizens. One is “Pension Fund” and the other is “Bahbood Fund”. These schemes are very useful for senior citizens. But these schemes are discriminatory as the Pension Fund is only for retired government employees who are already getting pension.
Retired Government employees are allowed to invest in “Pension Fund” as well as “Bahbood Fund”. They are taking advantage on three counts. One, their government pension; second, the Pension Fund and third, from the “Bahbood Fund”. Whereas a common senior citizen is only allowed investment only in the “Bahbood Fund” which is totally insufficient to cater to his/her requirements due to very high cost of living.
I took up the matter with Central Directorate of National Savings and the reply was that the “Pensioner’s Benefit Account is meant for the retired employees of the public sector and their eligible family members hence cannot be extended to the general public. Senior citizens and widows have already been provided the opportunity to invest in Bahbood Savings Certificates, a similar scheme.”
The government is requested to allow all senior citizens to invest in both the Pension Fund and Bahbood Fund. This act will remove the anomaly and discrimination being faced by common senior citizens who get no pension from the government. This will also reduce hardships of old age.
SHAHBAZ MUNIR
Lahore