FAJAAN
09-17-2009, 02:41 AM
Activation in simple word means eg a car started, mid journey its engine stopped, after some pains taking labour, some replacements, some jugglery here and there its engine re-started. So it means now it has started again but it is quite possible it may stop any time again to be re-activated again.
According to APP the Managing Director Overseas Pakistanis Foundation has very proudly stated that the so called OPF Pension Scheme has been reactivated. In his talk with APP he twice mentioned that the OPF launched this Pension Scheme in 2001.
He further says that Overseas Pakistanis Pension Trust has invested in safe capital market ventures and the efficient management of OPF funds has yield a return of over 18% against the target of 14%. He said that the Pakistanis contribute huge to the national exchequer every year but, ironically, a large majority of them do not have institutionalized social security or insurance cover in the country of employment or at home.
The truth is the OPF Pension Scheme was not initiated in 2001 as the MD says rather this scheme was introduced and announced sometime around 1995. Despite the fact I am a senior citizen today but my memories in this regard are as fresh as if of today that in 1995 the then MD under his a full page D.O letter addressed me introducing the scheme and requested me to introduce it amongst Pakistanis and for this purpose more than 40 pension Form/Brochures were attached therewith. My house last year came under fire and much of my record got damaged hence it might be difficult for me to produce copy of that. I further remember on the rate of profit/pension then prescribed I had written a very critical overview that opting other ways of investment was much better than OPF pension and I still stand to that. Sometime during 2000 or 2001 a delegation headed by the then Secretary Labour & Manpower (his name perhaps Mr. Farhat) visited middle east introducing this Pension Scheme when in the auditorium I told him with examples that how beneficial it was to opt much better and much safer schemes than the so called pension. He and his delegation members had no answer to my argument and the Executives of the Pakistan community centre abroad where this address was still can recall and vouch this. The organizers of this community gathering later and well appreciated me. Daily Nawai-e-Waqat and Daily Urdu News of Jeddah covered my view with large space. A scheme which needed a “reactivation” how wise it would be to opt that where it matters cash? OPF is inviting sales agents for this scheme in UAE. What for? The National Savings which has more potential than the tiny OPF scheme could not benefit from appointment of agents during 80s what benefit the OPF would get except that the executives would enjoy frequent Dubai “visits”. The definition of a pension is a regular sum which a government or an organization regularly pays to its old aged citizen in recognition of his long services and is called the Pension. It is paid from the coffers of the Government or from the organization. But OPF pension is the unique in the world in which one is to pay wholly from his personal pocket and without any contribution from the organizers, get it back at 14-18% yield and that too “ESTIMATED”. Only a month back the Supreme Court of Pakistan has ordered to take legal action against 5 officers and 3 staffers of OPF in connection with some misappropriation of OPF funds.
According to APP the Managing Director Overseas Pakistanis Foundation has very proudly stated that the so called OPF Pension Scheme has been reactivated. In his talk with APP he twice mentioned that the OPF launched this Pension Scheme in 2001.
He further says that Overseas Pakistanis Pension Trust has invested in safe capital market ventures and the efficient management of OPF funds has yield a return of over 18% against the target of 14%. He said that the Pakistanis contribute huge to the national exchequer every year but, ironically, a large majority of them do not have institutionalized social security or insurance cover in the country of employment or at home.
The truth is the OPF Pension Scheme was not initiated in 2001 as the MD says rather this scheme was introduced and announced sometime around 1995. Despite the fact I am a senior citizen today but my memories in this regard are as fresh as if of today that in 1995 the then MD under his a full page D.O letter addressed me introducing the scheme and requested me to introduce it amongst Pakistanis and for this purpose more than 40 pension Form/Brochures were attached therewith. My house last year came under fire and much of my record got damaged hence it might be difficult for me to produce copy of that. I further remember on the rate of profit/pension then prescribed I had written a very critical overview that opting other ways of investment was much better than OPF pension and I still stand to that. Sometime during 2000 or 2001 a delegation headed by the then Secretary Labour & Manpower (his name perhaps Mr. Farhat) visited middle east introducing this Pension Scheme when in the auditorium I told him with examples that how beneficial it was to opt much better and much safer schemes than the so called pension. He and his delegation members had no answer to my argument and the Executives of the Pakistan community centre abroad where this address was still can recall and vouch this. The organizers of this community gathering later and well appreciated me. Daily Nawai-e-Waqat and Daily Urdu News of Jeddah covered my view with large space. A scheme which needed a “reactivation” how wise it would be to opt that where it matters cash? OPF is inviting sales agents for this scheme in UAE. What for? The National Savings which has more potential than the tiny OPF scheme could not benefit from appointment of agents during 80s what benefit the OPF would get except that the executives would enjoy frequent Dubai “visits”. The definition of a pension is a regular sum which a government or an organization regularly pays to its old aged citizen in recognition of his long services and is called the Pension. It is paid from the coffers of the Government or from the organization. But OPF pension is the unique in the world in which one is to pay wholly from his personal pocket and without any contribution from the organizers, get it back at 14-18% yield and that too “ESTIMATED”. Only a month back the Supreme Court of Pakistan has ordered to take legal action against 5 officers and 3 staffers of OPF in connection with some misappropriation of OPF funds.