Chances of 30% Increase in Salary and Pension in Budget 2023-24

News regarding increase in salary and pension from 15 to 30 percent

According to the news published in the daily Jang, an increase of 30% in salaries and pensions is expected in the upcoming budget 2023-2024 for civil and military employees in Pakistan. As per the latest updates, Federal Government may increase salary from 15% -30%.

In the ongoing condition of the country and rapid increase in inflation, the current salary or pension of the Government employees is not enough to meet their basic needs. The inflation rate is above 40 percent in Pakistan and highest in the history.

News Regarding Increase in Salary from 15% -30%

The budget 2023-2024 tentative dates are announced and the budget is expected in the first week of June. The date may be changed due to the political situation in the country. As per a statement by the Ministry of Finance published in the daily Jang, there are signals that salary and pension will be increased for military and civilian employees.

Inflation not only impacts salaried employees but also traders and the business community. Prime Minister Shehbaz Sharif calls a cabinet meeting to discuss the issue and to find out a solution to compensate the middle and lower class level.

It is becoming hard to purchase the commodities and to meet other expenses with the current salaries and pensions. They need an increase in their salary and pensions. All military and civil servants are demanding increments in allowances as well. most of the employees are single-income and support their families. Prices of petrol and commodities are increasing rapidly.

The government is seeking a bailout from the International Monetary Fund IMF to inject the current economic situation of the country. The government also seeking financial help from UAE, Saudia Arabia, and China.

Government employees also demand an increase in conveyance allowance in the upcoming budget 2023-24 as petrol prices hike to the highest level in Pak history. The employees are getting Medical Allowance BPS-01 to BPS-16 for only 1500/- per month. That is even less than a consultation fee of a proper doctor. They request the Government to raise it to a minimum of 5000/- per month.

An increase in the rent also compels the employees to put a demand to increase the House Rent Allowance ( HRA).

Prime Minister Shehbaz Sharif stated in the cabinet meeting that they are well aware of the problems of the middle and lower classes. The continuous increase in prices of general commodities put an impact on the life of the employees. They will try to increase the salaries and pensions maximum as they can.

Chances of 30% Increase in Salary and Pension in Budget 2023-24

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