Good option ,but I mentioned your percentage against national income is not correct (not 45% ,it is nearly 80% .)The same I have stated bro but in a different way.
There are unnecessary govt offices, staff in most of the areas. Every government adding least 2-4% of staff after each Election. Even though they are productive or not these additions will require wages + pensions. The same goes for the politicians.
There should be a mechanism to cut down unnecessary govt staff. But doing this will be a suicidal mission for any government.
So the best thing is to do a policy change, stop govt recruits first. Then systematically reduce the staff and encourage private sectors to take over with 55% govt sector stakes. Since this govt has 2/3 power they should bring in new policy to the country.
They should allow max 10 years of pension. And 20% moved to investment funds via fund manager. Then every month should share the fund statement and yearly dividend sharing. This will make some rich as well as enough funds to live after the 10 years as well.
I don't know why none of the politicians nor professionals giving such ideas to bring this country up.
So first government has a policy to abandon job for degree holders whilst strengthening degree quality .
Pension scheme should be like EPF with better fund managers (exposure to foreign stock market also ) .
They can create wealth creation as well as country can achieve $ assets.