Pensions and Pay Increase News Updates in Upcoming Budget 2023-24

According to recent news from a famous news channel, Government is planning to announce a big relief in connection with the pay and pensions of the employees in the upcoming budget 2023-24. The government is planning to present an annual budget before the election of 2023.

The Budget tentative dates are either in the first week of June or the second. The government wants to give relief to employees by increasing salaries and pensions by 50%. The government is planning to conduct an election soon, and before the election, they want to give a massive increase in pensions and pay to secure their political position.

Government employees also demand an increase in House Rent Allowance HRA, conveyance allowance, and medical allowance. There is a proposal for an increase of 50% in salaries and 30% in pensions.

The Ministry of Finance is working hard to prepare a friendly budget with a lot of relief to people.

Increase of Labourer Pay up to Rs. 40,000/-, Petrol Price Reduction in Budget 2023-24

An increase in labor pay from Rs. 25000 /- to 40,000/- is on the agenda of the budget 2023-2024. The petrol prices are likely to reduce in the next month’s budget.

Pensions and Pay Increase News Updates in Upcoming Budget 2023

The government will also consider the International Monetary Fund ( IMF) points while preparing the budget. Prime Minister Shehbaz Sharif will make a final decision after consultation with all allied political parties.

All united political parties forwarded their suggestions to increase the 50% pay and 30% increase in pension of Government employees. They also suggested a minimum labor salary of upto 40,000/-

When Budget 2023-24 will Present?

Financial Budget 2023-24 likely to present in the first or second week of June 2023

How much Increase in Pay and Pensions is expected?

An increase of 50% in salaries and 30% in pensions is expected in the coming budget.

What will be the Labor wages after Budget?

The proposed labor wages will be 40,000/- per month after Budget 2023-2024

When Election 2023 will be conducted?

Elections -2023 will be conducted soon after the Budget presentation.