Economic Coordination Committee of the Cabinet has given the principle approval to the Finance Division for the establishment of Pension Fund. The approval was given during a meeting of the Economic Coordination Committee chaired by Finance Minister Muhammad Aurangzeb in Islamabad. The committee also approved the proposal of defined contributory scheme for the new entrants from first July this year and for armed forces from first July next year. The ECC also approved technical supplementary grants to various ministries and divisions. Source: Radio Pakistan