Opinion
Pension reforms or financial massacre?
Since the announcement of Budget 2025-2026, the government employees in both centre and the provinces have been immersed in protest for their rightful demands such as Disparity Reduction Allowance (DRA), raise in Salaries given the prevailing inflation and old age benefits such as pension. Millions of employees belonging to various Departments under banner of the Sindh Employees Alliance (SEA) have been protesting in provincial headquarter Karachi and at Division level .
The heat, anger and frustration pervaded Sindh’s air in August. The same scene was repeated from Hyderabad to Nawabshah, from Badin to tiny towns nestled in the rural centre of the province: government workers locking up their offices, getting up from their desks, and taking to the streets. Teachers, clerks, revenue employees, and others who support the province’s operations were now raising slogans together against what they described as the “economic murder” of their future.
Some held handwritten signs, while others carried banners with bold slogans. At the edge of a rally, one of them, Razia Bibi, a primary school teacher with almost 30 years of experience, stood silently. “I taught generations; now I’m left with uncertainty,” was the simple message on her sign. The words spoke for themselves, so she didn’t have to yell. She and thousands of others felt that the government’s new pension regulations were a betrayal rather than merely a change in policy.
The Sindh Finance Department’s announcement of the Sindh Civil Servants (Defined Contribution Pension) Rules 2025 on August 21 served as the impetus for this unrest. The official justification was straightforward: a new system was required to make the pension bill sustainable because it had become too large for the provincial budget. For those impacted, however, the situation was much more chaotic. The old, guaranteed pension system will be replaced by one that is based on market fluctuations under the new regulations, which will be applicable to anyone hired or regularized after 1 July 2024.
A civil servant could retire under the previous arrangement knowing exactly how much they would get each month for the rest of their life. They were able to plan, dream, and feel safe because of that promise. That certainty is no longer there. Workers will be required to deposit 10 percent of their pay into a personal account, with the government contributing the remaining 12 percent. Private pension fund managers will invest the funds, and the ultimate distribution will be solely based on the performance of those investments. The pension may be sufficient if the markets perform well. That’s the retiree’s problem if they don’t.
Furthermore, the changes don’t end there. Even for those who are currently employed, benefits are being subtly reduced by changes to the West Pakistan Civil Services Pension Rules, 1963, which were announced along with the new programme. Instead of using final pay, which is a smaller amount, pensions will be calculated using the average of the last 24 months’ salary. After ten years, some dependents’ family pensions will expire. A person’s pension could be reduced by up to 10 percent if they decide to retire early.
These measures are about numbers for the government. They are about survival for workers. More than just a technical adjustment, the transition from a defined benefit to a defined contribution system involves a risk transfer. That risk was borne by the government under the previous system. The person does in the new one. And that risk feels like a loaded dice in a nation where salaries have only increased by 12 percent, inflation has recently risen above 200 percent, and many workers already make less than their counterparts in other provinces.
The wound is only made worse by the elimination of additional benefits for new hires, like group insurance and the Disparity Reduction Allowance. It creates a two-class system in which those hired after July 2024 must live with uncertainty while those hired before that time retain their guaranteed pensions. This division is destructive in addition to being unfair. It causes animosity, lowers morale, and deters young talent from choosing public service as a career in Sindh.
Amid fear of less pension and cut in pensionary benefits, thousands of teachers and other employees have opted for voluntary retirement before their superannuation being unsure about the future to escape financial loss. Until the promise of public service in Sindh is restored with dignity, that is a cause worth fighting for. Hence, it is believed by various public sector employees that instead of provision of DRA, Sindh Government has committed the financial massacre of employees in the guise of pension reforms.
The contrast with how elected officials are treated is even more painful. Low-paid employees are told to make sacrifices for the sake of fiscal restraint, while lawmakers continue to enjoy lavish benefits and allowances. Discussing shared hardship is challenging when the burden is so unequally divided.
The reaction has been quick. In support of their colleagues who were protesting, the Sindh Professors and Lecturers Association in Hyderabad observed a black day by donning armbands. Clerks in Sanghar staged a sit-in outside the office of the district commissioner. Revenue employees in Moro and Daur locked their offices and participated in protests calling for the reinstatement of job quotas for the surviving family members of deceased workers, a privilege that the new framework had taken away. Female educators have been particularly outspoken in rural areas. For many women, the only way to become financially independent is to work for the government. That independence is jeopardized in the absence of a stable pension.
Public services have already been interrupted by the protests. Thousands of students’ lessons have been delayed as a result of school closures. In many offices, administrative work has slowed or ceased. It is difficult to overlook the irony: the government has incited unrest that is undermining the very services it purports to protect in the name of preserving the province’s finances.
There are alternative paths. Employees would have a stronger foundation for their retirement savings if the government increased its contribution to the new pension plan to at least 15 percent or 20 percent. It could link pensions to inflation to maintain their value over time and guarantee a minimum pension amount, preventing any retiree from falling into poverty. It could address corruption in procurement and budgeting, reduce unnecessary spending elsewhere, and enhance pension fund management. By taking these actions, financial issues would be resolved without fully burdening workers.
Above all, the government could speak with those whose lives these policies are changing. In a ledger, civil servants are more than just numbers. They are the health professionals who work in distant clinics, the teachers who open young minds, and the clerks who keep the government’s machinery running. Their efforts serve as the cornerstone for the province’s future. The services they offer are compromised when their security is compromised.
There is more to the August 2025 protests than just a response to one policy. They serve as a warning, an indication that public employees will not stand by and watch their rights being taken away. They also serve as a reminder of the annoyance that has been brewing for years due to low income, growing expenses, and a feeling of being ignored. Ignoring this puts the government at risk for both ongoing instability and a long-term drop in the calibre and stability of its workforce.
Reforming pensions is not always bad. Numerous nations have had to modify their systems to take into account shifting economic conditions and demographic trends. However, reform needs to be transparent, equitable, and aimed at preserving the honour of those who have dedicated their professional lives to serving the public good. It shouldn’t serve as an excuse to cut costs at the expense of the most vulnerable. That test is not met by the Sindh Defined Contribution Pension Rules 2025 as they currently stand. They remove guarantees without providing sufficient safeguards. Employees are separated into winners and losers. They make retirement a question mark instead of a promise.
Now, the Sindh government must make a decision. It may continue, resulting in short-term cost savings but long-term instability and mistrust. Alternatively, it can pay attention to the voices on the streets, accept the justifiable concerns of its workers, and seek a solution that strikes a balance between social justice and financial responsibility. Although it will be more difficult, the second route is the only one that pays tribute to the sacrifices and service of those who keep this province running.
Pensions are ultimately about more than just money. They are about acknowledgment— a means by which society can tell its public servants, “Your work was important, and we won’t leave you in your old age.” A generation-old bond of trust would be broken if that were taken away. Fairness, respect, and the freedom to retire fearlessly were the main concerns of the August 2025 protests, which went beyond financial figures. Until the promise of public service in Sindh is restored with dignity, that is a cause worth fighting for.
Amid fear of less pension and cut in pensionary benefits, thousands of teachers and other employees have opted for voluntary retirement before their superannuation being unsure about the future to escape financial loss. Until the promise of public service in Sindh is restored with dignity, that is a cause worth fighting for. Hence, it is believed by various public sector employees that instead of provision of DRA, Sindh Government has committed the financial massacre of employees in the guise of pension reforms.
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Introduction: A Nation’s Mirror Moment
In a country where public trust in institutions is often fragile, the release of the National Corruption Perception Survey (NCPS) 2025 by Transparency International Pakistan offers more than just statistics—it’s a mirror held up to the nation’s governance, ethics, and accountability. Conducted across 20 districts with nearly 4,000 respondents, the survey captures the pulse of Pakistan’s citizens on corruption, economic hardship, and institutional integrity.
This year’s findings are both sobering and instructive. From the police being perceived as the most corrupt sector to widespread dissatisfaction with anti-corruption efforts, the NCPS 2025 paints a picture of systemic challenges that demand urgent policy attention. But it also reveals areas of hope—citizens advocating for stronger whistleblower protections, digital reforms, and transparency in charitable institutions.
Let’s unpack the key takeaways and explore what they mean for Pakistan’s future.
1. Police and Procurement: The Persistent Pillars of Public Distrust
The headline finding is stark: 24% of respondents nationally perceive the police as the most corrupt sector, continuing a trend that has persisted since 2002. This perception is highest in Punjab (34%), followed by Balochistan (22%), Sindh (21%), and Khyber Pakhtunkhwa (20%).
Closely trailing is Tender and Procurement, with 16% nationally citing it as a major corruption hotspot. Balochistan again leads in concern (23%), highlighting regional disparities in governance and oversight.
The Judiciary, often seen as the last bastion of justice, ranks third in perceived corruption (14%), with KP (18%) and Punjab (17%) showing the highest levels of concern.
🟡 Takeaway: These findings underscore the need for police reform, transparent procurement systems, and judicial accountability. Without restoring trust in these foundational institutions, broader governance reforms will struggle to gain traction.
2. Bribery Encounters: A Mixed Bag of Progress and Persistence
Encouragingly, 66% of Pakistanis reported not facing a situation where they felt compelled to offer a bribe. However, the provincial breakdown reveals troubling disparities:
- Sindh: 46% reported paying bribes
- Punjab: 39%
- Balochistan: 31%
- Khyber Pakhtunkhwa: 20%
🟡 Takeaway: While the national average suggests progress, the high bribery rates in Sindh and Punjab point to localized governance failures. Targeted anti-bribery campaigns and digital service delivery could help reduce these encounters.
3. Economic Strain: Purchasing Power in Decline
A majority of respondents (57%) reported a decline in their purchasing power over the past year. This economic stress is most acute in KP (72%) and Punjab (60%), while Balochistan (43%) showed the least decline.
🟡 Takeaway: Economic hardship often correlates with increased vulnerability to corruption. Strengthening social safety nets and price control mechanisms is essential to protect citizens from exploitative practices.
4. IMF and FATF: A Qualified Vote of Confidence
When asked about the government’s success in stabilizing the economy through the IMF agreement and FATF grey list exit, responses were cautiously optimistic:
- 40% partially agree
- 18% fully agree
- 42% do not agree
🟡 Takeaway: While international benchmarks have been met, domestic perception remains skeptical. The government must translate macroeconomic wins into tangible benefits for citizens to build trust.
5. Root Causes of Corruption: Accountability, Transparency, and Delay
The top three perceived drivers of corruption are:
- Lack of accountability (15%)
- Lack of transparency and access to information (15%)
- Delays in corruption case decisions (14%)
🟡 Takeaway: These are solvable problems. Strengthening Right to Information (RTI) laws, fast-tracking corruption cases, and independent oversight can address these root causes effectively.
6. Provincial Governments: The Most Corrupt Tier?
A significant 59% of respondents believe provincial governments are more corrupt than local governments. This perception is strongest in Punjab (70%), followed by Balochistan (58%), KP (55%), and Sindh (54%).
🟡 Takeaway: Decentralization without accountability breeds corruption. Provincial governments must adopt performance audits, citizen feedback loops, and transparency dashboards to rebuild credibility.
7. Anti-Corruption Bodies: Accountability Starts at the Top
A resounding 78% of respondents believe that anti-corruption bodies like NAB and FIA should be held accountable. The top reasons include:
- Lack of transparency in investigations (35%)
- Absence of independent oversight (33%)
- Misuse of powers for political victimization (32%)
🟡 Takeaway: Reforming anti-corruption bodies is non-negotiable. Establishing parliamentary oversight, publishing investigation outcomes, and protecting whistleblowers are key steps forward.
8. Healthcare Sector: A Deeply Corrupted Lifeline
The NCPS 2025 reveals alarming insights into healthcare corruption:
- 67% believe corruption in healthcare has a very high impact on lives
- 38% identify hospitals as the most corrupt site
- 23% cite doctors, and 21% cite pharmaceuticals
Provincial breakdown:
- Hospitals: Sindh (49%), KP (46%), Balochistan (32%), Punjab (26%)
- Doctors: Balochistan (35%), Punjab (21%)
- Pharmaceuticals: Punjab (30%), KP (21%)
🟡 Takeaway: Healthcare corruption is not just unethical—it’s deadly. Citizens demand:
- Stricter pharma policies (23%)
- Ban on private practice by public doctors (20%)
- Strengthened regulatory bodies (16%)
9. Political Finance and Advertising: Citizens Want Clean Campaigns
- 83% of respondents support either banning or regulating business funding to political parties
- 55% support a complete ban on political names and images in government ads
🟡 Takeaway: The public is calling for cleaner politics. Enforcing campaign finance laws and neutral government advertising can reduce undue influence and promote fair governance.
10. Whistleblower Protection: The Missing Shield
Only 42% of respondents feel safe reporting corruption, even if strong whistleblower laws were in place. This reflects a deep trust deficit.
🟡 Takeaway: Pakistan must urgently pass and implement robust whistleblower protection laws, including anonymity guarantees, legal immunity, and reward mechanisms.
11. Awareness Gap: Reporting Channels Remain Invisible
A staggering 70% of respondents are unaware of any official channels to report corruption. Among the 30% who are aware, only 43% have ever reported an incident.
🟡 Takeaway: This is a communications failure. Governments must launch awareness campaigns, simplify reporting mechanisms, and integrate digital platforms for citizen engagement.
12. Charitable Institutions: Integrity Under Scrutiny
- 51% believe tax-exempt charitable bodies should not charge fees
- 53% want public disclosure of donor names and donation amounts
🟡 Takeaway: Transparency must extend to the nonprofit sector. The Federal Board of Revenue (FBR) should mandate financial disclosures and fee audits for all tax-exempt entities.
Conclusion: A Blueprint for Reform
The NCPS 2025 is more than a diagnostic—it’s a blueprint for reform. It reveals a citizenry that is aware, engaged, and demanding change. From police reform and healthcare integrity to political finance and whistleblower protection, the survey outlines actionable priorities.
But the real question is: Will policymakers listen?
Pakistan stands at a crossroads. The public has spoken. Now it’s time for institutions to respond—not with rhetoric, but with results.
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Events
🌍 Davos 2026: The World Economic Forum Annual Meeting Sets the Stage for Global Transformation
From January 19 to 23, 2026, the alpine town of Davos, Switzerland, will once again become the epicenter of global dialogue as the World Economic Forum (WEF) Annual Meeting—widely known as the Davos Forum—brings together more than 2,500 influential leaders from across the globe. This flagship event is not just a gathering; it’s a strategic crucible where the future of our interconnected world is debated, shaped, and often reimagined.
🔹 Who’s Coming to Davos?
The attendee list reads like a who’s who of global influence:
- Heads of State and Government Ministers
- CEOs of Fortune 500 companies and tech innovators
- Renowned academics and thought leaders
- Media powerhouses and civil society champions
This diverse mix ensures that the conversations are not siloed but instead reflect the multifaceted nature of today’s challenges—from climate resilience and digital transformation to geopolitical tensions and inclusive growth.
🔹 What’s on the Agenda?
The 2026 theme centers on “Public-Private Cooperation for a Resilient Future.” With the world facing compounding crises—economic volatility, climate emergencies, AI disruption, and widening inequality—the Davos Forum aims to forge actionable pathways through collaboration.
Key focus areas include:
- Global Economic Stability: Tackling inflation, debt, and trade imbalances
- AI and Digital Governance: Building ethical frameworks for emerging technologies
- Climate Action and Energy Transition: Accelerating decarbonization and green finance
- Geopolitical Dialogue: Navigating multipolar tensions and regional conflicts
- Social Inclusion: Empowering youth, women, and marginalized communities through policy innovation
🔹 Why Davos Matters More Than Ever
In a world often fragmented by ideology and competition, Davos remains a rare platform where dialogue precedes division. It’s where CEOs and activists sit side by side, where presidents listen to professors, and where ideas transcend borders.
As the 2026 meeting unfolds, expect bold announcements, unexpected alliances, and a renewed commitment to shared prosperity and sustainable progress. Whether you’re a policymaker, entrepreneur, or global citizen, the outcomes of Davos will ripple far beyond the Swiss Alps.
Stay tuned for daily updates, keynote highlights, and behind-the-scenes insights as we cover the pulse of Davos 2026.
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🎬 Opening Scene: Hollywood Meets Wall Street
Imagine a high-stakes Hollywood showdown where tech heirs, political insiders, and media titans clash over empires built on blockbuster dreams and streaming battles. David Ellison, the visionary leader of Paramount Skydance, has thrust his company into the spotlight with a bold $108 billion hostile takeover bid for Warner Bros Discovery (WBD).
This audacious move shakes up “Paramount Warner Bros” merger dreams and sends Paramount stock and WBD stock into volatile swings. Backed by Jared Kushner’s Affinity Partners and deep-pocketed sovereign funds, this Paramount hostile takeover saga could redefine who owns Paramount and the future of entertainment itself.
👤 David Ellison: From Tech Scion to Media Mogul
- Son of Oracle founder Larry Ellison, David Ellison grew up surrounded by Silicon Valley’s wealth and ambition.
- He built Skydance Media into a powerhouse behind hits like Top Gun: Maverick and Mission Impossible.
- Now, as chairman and CEO of the merged Paramount Skydance, Ellison holds full voting control through family trusts and investment vehicles.
Ellison’s strategy is clear: aggressive expansion. Recent moves include:
- Greenlighting Top Gun 3 and new Star Trek installments.
- Securing billion-dollar sports streaming rights.
- Snapping up talent deals to rival Netflix and Disney.
🏛 Who Owns Paramount? The Ellison Era
Ownership of Paramount has shifted dramatically:
- Ellison family: 50%
- RedBird Capital: 20%
- Public shareholders: 30%
Shari Redstone’s reign ended with the merger, as she divested National Amusements, Paramount’s former controlling shareholder. The Ellisons now dictate who owns Paramount, positioning themselves as the new power brokers in Hollywood.
📈 Paramount Stock: Riding the Hostile Takeover Wave
Paramount stock (PARA) has become a rollercoaster:
- Current price: ~$13.37
- 52-week change: +21.61%
- Analyst targets: $11.50–$16.91
The hostile takeover announcement spiked investor interest, with shares jumping 36% in one session. Analysts warn of volatility, but Ellison’s bold vision keeps optimism alive.
💥 WBD Stock in the Crosshairs
Warner Bros Discovery faces a seismic threat:
- Paramount Skydance launched a $77.9–$108 billion hostile takeover at $30 per share.
- WBD stock currently trades around $27.30, with a market cap of $67.47B.
- Analysts project targets between $19.85–$23.02, reflecting uncertainty.
Ellison argues his bid offers smoother regulatory approval compared to Netflix, which dominates 43% of the streaming market.
🕴 Jared Kushner Enters the Fray
Adding political intrigue, Jared Kushner’s Affinity Partners has joined the Paramount bid:
- $40 billion in equity committed.
- Backed by sovereign wealth funds from Saudi Arabia, Abu Dhabi, Qatar, and the UAE.
- Debt financing from Bank of America, Citi, and Apollo could reach $54 billion.
Kushner’s involvement signals a fusion of political capital and financial firepower, raising eyebrows across Wall Street and Washington.
🔗 Paramount Warner Bros Merger Rumors
The “Paramount Warner Bros” whispers have evolved into a full-scale assault. Paramount’s bid targets WBD’s prized assets:
- CNN
- HBO Max
- TBS
- HGTV
Together, these could form a colossus rivaling Netflix and Disney. Paramount promises more competition, better content, and stronger theaters.
🌐 Industry Shockwaves: What This Hostile Takeover Means
If successful, the Paramount hostile takeover could reshape the media landscape:
- Streaming consolidation: Paramount + WBD would challenge Big Tech streamers.
- Stock impacts: PARA could soar, WBD shareholders gain premiums.
- Job cuts: $500M–$6B in synergies likely mean layoffs.
- Creative boost: Imagine Star Trek meeting DC superheroes under one roof.
💰 Financing Muscle
The bid’s $108B war chest is formidable:
- Ellison Trust’s $252B Oracle collateral.
- RedBird Capital’s non-voting equity.
- Kushner’s sovereign fund backing.
This mirrors Skydance’s earlier $8B Paramount deal, blending tech wealth with Hollywood grit.
🔮 What Happens Next?
Paramount urges WBD shareholders to act, accusing the board of favoring Netflix. Ellison vows to “complete what we began,” eyeing a Q1 2026 close.
Investors should monitor:
- PARA stock around $13.
- WBD stock around $27.
- Regulatory hurdles from FCC and antitrust bodies.
If victorious, who owns Paramount expands to Warner Bros, birthing a new entertainment empire.
📊 Quick Snapshot: Paramount vs WBD
| Metric | Paramount (PARA) | WBD |
|---|---|---|
| Current Price | ~$13.37 | ~$27.30 |
| 52-Week Change | +21.61% | -0.06% |
| Market Cap | ~$9.5B | ~$67.47B |
| Analyst Target | $11.50–$16.91 | $19.85–$23.02 |
| P/E Ratio | N/A | 139.02 |
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