Will Rupee Devalue Further? Economic roller coaster

[uzeemujeeb]

One of my aunt died in 2015 and they somehow still get pension

it is responsibility of kin sibling to inform GOVT about her death by submitting a Death Certificate.
am sorry but it is dishonesty by the Family receiving pension even 6 years after death. (Dishonesty has become national trait we feel no shame declaring it either)

am sure after revival of pension payment policy such burden will vanish from exchequer. Every quarter end a pensioner has to appear at bank for biometrics or request NADRA home service for such verification.

Come later presentation of NADRA Death Certificate ' Govt will reclaim the amounts with penalty ' under section 420 of PPC.

[engineerjibran]

I know that its dishonesty and i have told them multiple times.
But the problem is that there are thousands of people like them who are receiving pensions and even have votes.

[khurem]

Both Civilian and Military pension are fast becoming a huge issue for the Government. It has increased significantly over past few years and now pension spending is close to 20% of Pakistan's total annual tax revenue. That's just a huge number. We may curtail pension expense on Govt jobs, but can't do that for military pensions which will keep on increasing. Share of military pension is also increasing at a faster pace than civil pensions.

Coupled with other federal and provincial govt expenditures, debt servicing requirement, defence expenditure (which by the way doesn't including military pensions), and funding loss making public sector companies, that all leads to ever increasing fiscal deficit which is financed by taking on more foreign debt. The more you get to know about our economy and the direction it is going, the more dismal the situation appears.

[uzeemujeeb]

These bills if approved by NA, will be the hardest nail ever tucked down in the back of nation. The inflation will cross 15 %. and daily consumable will even go out of reach of middle level class not to talk about the lower level.

Those who still believe that PTI & IK's 2 decade of struggle may have lead Pakistan out of troubled times, shall immediately re-evaluate the ground realities.

https://www.geo.tv/latest/382545-imf-gave-a-list-of-five-major-prior-actions-for-resumption-of-loan-facility-shaukat-tarin

[HellsGuardian]

Instead of giving pension based on percentage of last salary drawn, there should be a fixed upper limit. What's the point of paying 6 figure monthly salary to a 60 years old?

[hussain182]

And pension isnt even the only perk. Plots and houses alotted to retired civ/mil employees are in the trillions of ruppees. Every civil service department its its own housing society and army/airforce/navy have their own askari/paf/navy housing colonies. The Air force falcon complex in Lahore is built entirely on encroached prime location CAA land (former walton airport) and price of a single house is 8-8.5 crore which is alotted to a retired officer for a grand total of 40 lakh rupees.

[khurem]

You're right. I was talking in terms of the significant dent to Pakistan's economy in the form of escalating fiscal deficit, foreign debt, and resultantly on exchange rate caused by pension bill (along with defence exp). Although the expensive perks you've mentioned do not impact the economy as such, however such humungous perks do result in further dividing the class & wealth differentiation between the 'haves' and 'have nots'.

Due to these perks and of course the power to do just about anything, I advise my family members and relatives to have at least one kid sent to armed forces, if they plan to live in Pakistan. Then lives of their family members and, at the very least, their next generation will be all set with no worries till the time their kids' kids are alive.

[mehran]

Ideally, one rep each from a family should be in the armed forces, bureaucracy and medicine. Those are the most useful fields in Pakistan.

[capsat]

Tycoons like Malik Riaz, Haroon Lakhani, Sadurddin Hashwani, Hussain Haroon, Jahangir Tareen are more powerful then any serving grade 21 serving Federal Govt employee.

they all have 'HERDs' of retired baboos class to deal with sitting govt
Former ISI chief Late General Ehtesham zameer served Malik Riaz as consultant before his death in 2015.

why not work to be a business tycoon to hire such muscle.

[khurem]

why not work to be a business tycoon to hire such muscle

You make it sound v easy to be the next business tycoon. Millions of businessmen are already there in Pakistan and they are working day and night trying their best to expand their business empire and be the next MR, Mansha, Hashwanis or the next elite family. Probability ratio will remain v v ow. On the other hand joining army is the easy way out. You need to pass the exams which are not tough by the way for an educated person to move up the heirarchy. Even if you're too dumb to move to Colonel level rank, I've seen even Retd majors living a lavish life in their post retirement life and getting a director level perk loaded job at Govt institutions. Unless you die in battle during service, once you cross 40 in army, probability is very high that you and your family will live a markedly different (read superior) life than the common citizen of Pakistan.

[HellsGuardian]

Due to these perks and of course the power to do just about anything

This is rather unfortunate but lets not make this thread a career discussion thread.

[hyder_m29]

You make the army sound like a desk job.

[khurem]

What made you think like that?

[hyder_m29]

Very handwavy. Just pass an exam, move up to Colonel, or even a Major. Retire and get a lucrative government position.

[khurem]

My message above was in response to the previous msg. The comparison is relative to the 'ease' of becoming the next business tycoon. You took it out of context.

[sardarg]

US Dollar was 178 at bank opening and right now it is at 176.50 wanted to buy 200 and even after biometrics changer was asking 177.00 for 50 x4 100 wala hai hee nahi. majboran layna para. No one knows how will it STOP flying.

Gas is absent, TV news announced Petrol Pump strike on wednesday 25 11. Will we survive the winters thats a big question mark.

[Panther]

It seems you have absolutely no clue about armed forces: the mental & physical stress that they go through , their career progression and the benefit that they get in return. The exams are applicable for promotion only upto the rank of major, there after its their on ground performance that matters in addition to certain essential courses. More than 70% out of a course retire as major at 40-42 years of age. Do you expect them to dump themselves at home and call it a day. Don't they have a right to work and contribute for rest of their useful life, earn to support their family and educate their school going kids.

As regards lavish life style, I know many who are hand to mouth , while others are well of not due to earning though Army but strong family background.

[ahmadjawed11]

Agreed. Its so cringe worthy how people have absolutely no knowledge about the military and the system within and just straight up argue based on what they heard from a friends friend.

[khurem]

Well I have a number of relatives in army so its first hand knowledge based on which I commented above. Can give a rebuttal but that would derail this thread further. Lets agree to disagree as we have different perspectives.

Exchange rate has come down by just 1 Rupee on IMF package news however 6 months forward rate is at 180, which means by May next year this should be the rate. The way things are going though right now especially the market sentiments, this may happen earlier.

There is 1 currency in the world though that is consistently performing worse than even PKR. Turkish Lira has depreciated by more than 300% against USD since 2018. I remember in Aug 2019, 1 Lira was 28 rupees when an agent tried to lure me to invest in Turkey for an immigration program based on investment in Turkey. Now its value has halved even against Rupee to Rs 14 per 1 Lira. This is despite the fact that their central bank discount rate is at a high level of 15%. The economy is tanking and their people earning in Lira must be under a lot of stress.

I guess that's what happen when nationalist/idealistic/populist leaders pretend to know the economy more than the experts and try to run the economy their way.

[HellsGuardian]

Almost 100% increase in imports over last year. Why can't we ban non-essential imports for some time?
Stock market nose dived today (2100 pts)