The government has formed the National Pension Authority to bring the country's growing elderly population under a universal pension scheme.

The finance ministry issued a gazette notification in this regard on Sunday.

The Authority has been formed in light of the Universal Pension Management Act-2023 passed by the government on January 24.

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Universal pension scheme for all

The finance ministry is preparing rules for the National Pension Authority, which will be a constitutional body and comprise an executive chairman and four members.

Once the rules are formulated, the government will appoint executive chairman and members, officials of the finance ministry said.

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Universal pension scheme: What it is and how it will work

The appointment of the chairman and members will be completed before the upcoming budget, they said.

The government will bear the expenditure of the authority and fund will be set aside for it in the national budget.