Friday, May 24, 2024

Pensioners to Get Biometric Verification Twice a Year: SBP

In order to better facilitate them and to recognize ghosts in order to monitor leakages in the ever – pension expenditure, the government has instructed pension recipients to have their biometric verification done via the banks they maintain accounts or send life certificates in March.

“Pensioners are required to undergo biometric verification every year in March and September from any branch of a bank maintaining their pension account,” the State Bank of Pakistan (SBP) said in a notification on Monday.

“If the pensioner is unable to undergo biometric verification due to disability due to physical illness, infirmity, or if his/her fingerprints do not exist due to age or genetic condition, he/she will provide a life certificate in accordance with the SOPs (standard operating procedures.”

“If, during March and September, a pensioner fails to submit a life certificate or fails to undergo biometric verification, or a pensioner fails to receive a pension for six consecutive months, the account shall become dormant.”

In light of the amendments announced in the Direct Credit System SOPs (DCS) by the Government on 6 January, the central bank issued the new SOPs “in order to add clarity and ease to the pension payment process… with immediate effect.”

Increasing pension spending has also begun to be flagged by international financial institutions (IFIs), such as the World Bank and the International Monetary Fund (IMF), as a pressing concern for Pakistan’s debt sustainability.

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