ISLAMABAD: The federal government of Pakistan has announced a significant rise in salary and pensions for the fiscal year 2023–2024, which is considered as a promising news for current employees and retirees.
With the current inflationary pressures, these policies are meant to help the working population and pensioners.
Let's get into the specifics of the pension rise and how it will affect the people as a whole.
The most recent financial provisions state that Grades 1 through 16 would have an outstanding 35 percent increase in their salary as an ad-hoc allowance, while Grades 17 and above will see a sizable 30 percent increase.
The federal cabinet has authorised this choice, demonstrating the dedication of the administration to enhancing the financial security of its workers.
Government employees pension increase in budget 2023-24
To relieve the worries of retirees who frequently struggle to manage their spending owing to rising costs, the government has also proposed a 17.5% rise in pensions in addition to pay increases.
This action underscores the government's commitment to provide people who have devoted years of service to public institutions a dignified existence.
The minimum pension amount has been raised from Rs. 10,000 to Rs. 12,000, significantly increasing the income of pensioners.
EOBI pension
The Employees' Old-Age Benefits Institution (EOBI) pension has also increased, going from Rs. 8,500 to Rs. 10,000.
This increase assures that workers will have enough support throughout their retirement years and recognises their efforts.
