PAKISTAN ANNOUNCES SALARY HIKES IN NEW BUDGET: CHECK ELIGIBILTY, AMOUNT AND OTHER DETAILS
The federal government of Pakistan has announced substantial salary hikes for government employees across various grades in the fiscal year budget 2023-24. The measure, designed to alleviate economic pressures, entails a notable 35 percent increase in salaries for grades 1 to 16, implemented as an ad-hoc allowance.
Similarly, employees in grades 17 and above will witness a 30 percent raise. Furthermore, the government has extended its support to retirees by announcing a 17.5 percent increment in pensions, offering much-needed relief amidst inflationary pressures. Notably, the minimum pension has been elevated from Rs. 10,000 to Rs. 12,000, while the Employees’ Old-Age Benefits Institution (EOBI) pension has been adjusted from Rs. 8,500 to Rs. 10,000.
Moreover, in a bid to uplift workers' standards of living, the minimum wage in Islamabad Capital Territory (ICT) has been increased from Rs. 25,000 to Rs. 32,000. Looking ahead to the fiscal year 2024-25, expectations are rife for further salary enhancements ranging between 15% to 35%.
However, no official declaration has been issued as of yet. Stay tuned for updates from the Government of Pakistan’s Finance Division for the latest developments.
The annual budget announcement each year carries significant weight for both federal and provincial government employees. These revisions are typically implemented taking into account factors such as inflation.
With inflation posing a major concern, the government has been actively rolling out measures to rein it in, aiming to stabilize it within the target range of 5–7 percent by September 2025. Recent data reflects a positive trajectory in inflation statistics.
Notably, headline inflation witnessed a decline from 23.1 percent in February to 20.7 percent year-on-year in March. Similarly, core inflation experienced a noteworthy decrease from 18.1 percent in February to 15.7 percent during the same period.
2024-05-02T23:41:13Z dg43tfdfdgfd