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Budget 2024-25: Govt employees may get 10-15pc increase in salary

01:23 PM | 28 May, 2024
Budget 2024-25: Govt employees may get 10-15pc increase in salary

ISLAMABAD – The government is considering various proposals to increases government employees’ salaries ranging from 10% to 15% in the upcoming budget 2024-25.

The govt is boosting both Federal Board of Revenue (FBR) tax revenues and non-tax revenues in order to get a $6 billion agreement with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF).

In the forthcoming budget, the government is considering setting the FBR tax revenue target at over Rs12.5 trillion. Regarding salaries, the Ministry of Finance prefers a 10% increase, but there might be pressure to adjust this upward by 2.5% or even 5%, leading to a potential salary hike of 12.5% to 15%.

Another proposal under consideration is to increase the car monetization allowance for higher-grade officers (grades 20, 21, and 22) by 20% to 25%. Currently, grade 20 officers receive Rs67,000 per month, grade 21 officers receive Rs77,000 per month, and grade 22 officers receive Rs87,000 per month.

Adjustments are being considered due to inflation, as these allowances have not been increased since the policy's inception in 2012.

The government plans to introduce pension reforms in the 2024-25 budget. One proposal includes taxing pensioners who receive more than Rs100,000 per month, potentially introducing different tax brackets for higher pension earners.

According to the proposals, federal employees would receive a gross pension based on 70% of their average pensionable earnings over the last 36 months of service before retirement. Employees could opt for early retirement after 25 years of service but would face a 3% annual reduction in their gross pension until reaching the standard retirement age.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 June 2024

Pakistani currency rates against US Dollar and other currencies on June 22, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.7
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74

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