Last Updated on: 7th July 2023, 02:05 am
Federal Govt Announces Increases in Salaries And Pensions By Up To 35%
The budget for the fiscal year 2023-2024 brings good news for government employees as the federal government has announced a significant pay increase at all levels.
According to the disclosure, students in grades 1 through 16 will receive a 35% pay rise as an ad hoc allowance, while students in grades 17 and above will receive a 30% pay rise. The decision was approved by the federal cabinet.
In addition to the pay increases, the government has also announced a 17.5% increase in pensions, giving retirees some much-needed relief during this inflation. The minimum pension amount has been increased from 10,000 rupees to 12,000 rupees.
Likewise, the EOBI pension has been increased from Rs 8,500 to Rs 10,000. In addition, the minimum wage in Islamabad Capital Territory (ICT) has been increased from Rs 25,000 to Rs 32,000.
The Treasury had reportedly prepared three recommendations for salary and pension increases. As part of the first recommendation, a 100 percent increase in medical and transportation benefits and a 10 percent increase in base pay were proposed.
The second recommended a 25% increase in salaries for employees in grades 1 to 22 and a 15% increase in pensions.
Meanwhile, the third recommendation proposed a 30% salary increase for workers in grades 1 to 16 and a 20% increase for those in grades 17 and above.
It also recommended a 50 percent increase in sickness and transportation benefits and a 20 percent increase in pensions.
Also Read: Finance Minister Ishaq Dar Presents Budget 2023-24 Pakistan