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.
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.
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.
https://en.dailypakistan.com.pk/09-Jun-2023/budget2024-federal-cabinet-approves-up-to-35-percent-increase-in-salaries-of-govt-employees
Note: Keep checking API Response:
Pakistani currency continues to gain against US Dollar and other currencies on April 18, 2024. US dollar was being quoted at 277.2 for buying and 280.3 for selling.
Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.
UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.2 | 280.3 |
Euro | EUR | 293 | 296 |
UK Pound Sterling | GBP | 342.25 | 345.65 |
U.A.E Dirham | AED | 75.25 | 75.95 |
Saudi Riyal | SAR | 73.3 | 74.05 |
Australian Dollar | AUD | 181 | 182.8 |
Bahrain Dinar | BHD | 739.63 | 747.63 |
Canadian Dollar | CAD | 201 | 203 |
China Yuan | CNY | 38.45 | 38.85 |
Danish Krone | DKK | 40.45 | 40.85 |
Hong Kong Dollar | HKD | 35.57 | 35.92 |
Indian Rupee | INR | 3.32 | 3.43 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 902.26 | 912.91 |
Malaysian Ringgit | MYR | 58.24 | 59.52 |
New Zealand Dollar | NZD | 164.75 | 169.63 |
Norwegians Krone | NOK | 25.42 | 25.68 |
Omani Riyal | OMR | 722.1 | 730.1 |
Qatari Riyal | QAR | 76.37 | 77.05 |
Singapore Dollar | SGD | 206 | 208 |
Swedish Korona | SEK | 25.72 | 26.02 |
Swiss Franc | CHF | 307.11 | 309.61 |
Thai Bhat | THB | 7.56 | 7.76 |
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