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when budget 2024 will be announced this is question for Pakistani People hoping for the best in upcoming budget of Pakistan. The financial year budget 2024-25 date will be June 7, 2024.
Here we will discuss how much pay increase in budget 2023-24 Pakistan for Government Servant and what will be the education budget 2023-24 and what will salary increase latest news today we will cover all that in this articles in deep.
In addition to the increase in salaries and pensions of employees, the budget also proposes an increase in various allowances, pension reforms will be implemented from July 1 and the old pension system is likely to be abolished.
The national budget for the new fiscal year 2024-25 will be presented in the National Assembly on June 7. According to the sources, the session of the National Assembly will start from June 6 and on June 7, Finance Minister Muhammad Aurangzaib will present the national budget for the new financial year. how many Salary increase in budget 2024 25 Pakistan latest news
The National Assembly has started preparations for the budget session. A camp office will be set up in Parliament House. The National Budget will be presented in the Senate on the same day. new budget salary increase is matter for all those employee who are living hand to mouth situation in Pakistan due to many factors. The Special Committee of the Senate will prepare many recommendations.
The federal budget will include proposals such as increasing the salaries of government employees by 10 to 15 percent along with increasing the medical allowance, pension allowance and house rent allowance by 100 percent. Retired employees of grades 1 to 15, including EOs, are expected to receive a 15% increase in their pension. However, this time a reduction in the privileges of grades 18 to 22 and a slight increase in salaries are being proposed.
According to the recommendations of the Ministry of Finance, the government will announce the final decision. On the other hand, the federal government has decided to complete the work on the budget targets by the middle of this month before the arrival of the IM-A mission.
Apart from this, the federal government has decided on pension reforms to control the rising costs of pensions. The federal government has decided to reform the pension in the light of the report of the Pay and Nation Committee, in the light of which the federal government employees are entitled to benefits during the last 36 months of their retirement. will be entitled to gross pension on the basis of 70% and the rate of pension reduction is also being changed.
According to sources in the Ministry of Blood, the current Omidation rate is being reduced from 35% to a range of 25%, so the net pension will increase from 65% to 75% due to this change. Any increase in pension will be subject to the pension fixed at the time of retirement. Sources in the Ministry of Finance said that the proposals are being considered in the light of the report based on the recommendations of the Pay and Pension Committee and it is expected that a decision will be taken soon to implement the recommendations under which family pension on the death of the spouse.
Later it will be applicable for the rest of the family members only for a maximum period of ten years. The existing pension system is a major fiscal policy challenge for Pakistan after debt repayment, as its burden continues to grow.
Due to the country’s uncertain future and unsustainable economic conditions, there is a growing trend among employees to take early retirement, which has led to a 32% increase this year from Rs 609 billion in the fiscal year 2024-2023 to total federal pension expenditure. 801 billion has become Rs. While military pension has increased by 26% from Rs 447 billion to Rs 563 billion which is almost three fourth of the total federal pension expenditure.
Therefore, in these circumstances, the federal government has prepared to bring a new voluntary pension plan from July to end the heavy burden of public servants’ pension. All the new government recruitments are likely to be made under the Voluntary Pension Scheme while many of the old recruitment government employees will be given pension.
According to the sources of the Ministry of Finance, the new pension scheme has been prepared by the Securities and Exchange Commission, under which the new government employees will be given voluntary pension instead of the government pension. The federal government can transfer them to any scheme with the consent of the government employees. Is .
It may be recalled that the IMF has requested Pakistan to start a voluntary pension scheme to limit pension expenditure. Apart from this, a proposal is also under consideration regarding bringing pension into the tax net. FBR also brought less than 1 lakh pensioners into the tax net
However, another plan is to levy a flat rate of 10 percent tax on all pensioners and non-pensioners.
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