KARACHI: Pakistan Airline Pilots Association (PALPA) has demanded a complete forensic audit of the PIA Pension Trust, alleging systemic financial irregularities of Rs. 4,000 million in PIA pension funds.
Speaking at a press conference held at PALPA House, Capt. Basharat Ali Choudhry, Pension Committee Member PALPA said that PALPA raised concerns regarding the incorrect calculation of PIACL pilots’ pensions in 2022.
In response, Saad Rafiq, the then Aviation Minister, directed the CEO of PIACL to form a committee to investigate the issue. Under these directives, the committee worked for nearly a year to examine the irregularities in pension calculations and the overall operations of the PIACL Pension Fund Trust.
According to the Audit Report 2022, the Pension Trust should have held approximately Rs. 4000 million. However, there is no money in the account and its actual whereabouts remain unclear, he said.
Additionally, no financial activities of the trust have been recorded for years, even though, by regulation, substantial funds should have been maintained in the trust.
“While the Government of Pakistan provides a minimum pension of approximately Rs. 10,000, PIACL employees receive only Rs. 1,800/- or even less. This gross disparity raises serious concerns about the management of the Pension Trust,” Choudhry said.
He claimed that the PIA pension fund appeared to be depleted, adding that as per the regulations, the management is obligated to disclose the profit and loss status of the fund to beneficiaries annually. However, there has been no such transparency.
Therefore, PALPA has demanded a full forensic audit of the pension trust and requested all relevant authorities to take serious action and initiate an independent investigation on the PIA pension fund trust.
KARACHI: Pakistan Airline Pilots Association (PALPA) has demanded a complete forensic audit of the PIA Pension Trust, alleging systemic financial irregularities of Rs. 4,000 million in PIA pension funds.
Speaking at a press conference held at PALPA House, Capt. Basharat Ali Choudhry, Pension Committee Member PALPA said that PALPA raised concerns regarding the incorrect calculation of PIACL pilots’ pensions in 2022.
In response, Saad Rafiq, the then Aviation Minister, directed the CEO of PIACL to form a committee to investigate the issue. Under these directives, the committee worked for nearly a year to examine the irregularities in pension calculations and the overall operations of the PIACL Pension Fund Trust.
According to the Audit Report 2022, the Pension Trust should have held approximately Rs. 4000 million. However, there is no money in the account and its actual whereabouts remain unclear, he said.
Additionally, no financial activities of the trust have been recorded for years, even though, by regulation, substantial funds should have been maintained in the trust.
“While the Government of Pakistan provides a minimum pension of approximately Rs. 10,000, PIACL employees receive only Rs. 1,800/- or even less. This gross disparity raises serious concerns about the management of the Pension Trust,” Choudhry said.
He claimed that the PIA pension fund appeared to be depleted, adding that as per the regulations, the management is obligated to disclose the profit and loss status of the fund to beneficiaries annually. However, there has been no such transparency.
Therefore, PALPA has demanded a full forensic audit of the pension trust and requested all relevant authorities to take serious action and initiate an independent investigation on the PIA pension fund trust.
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