The finance ministry has drafted three recommendations for increases in government employee pay and pensions as the federal budget for the fiscal year 2023-24 is set to be released tomorrow (June 9). How much increase government employees will get in Budget 2023-24?
Budget 2023-24
The federal government is expected to increase employee pay by 30% as a result of the ad hoc allowance, while pensions for retired personnel are scheduled to grow by 20%.
As per the first recommendation, the ministry has proposed a 100% increase in wake medical and convince allowance besides increasing the salary by 10%. It has also recommended a 100% increase in the medical allowance and a 10% increase in the salaries of retired employees.
Reports said there would be no additional burden on the government if this suggestion is approved.
The second recommendation has proposed a 25% increase in salaries of all employees from Grade 1 to 22 and a 15% increase in pensions.
According to the third recommendation, a 30% increase would be made in the salaries of employees from grade 1 to 16 while officers of grade 17 and above would get a 20% increase. It has proposed a 50% increase in medical and convinces allowance. It has also proposed a 20% increase in pensions.
All three recommendations will be laid forth in the cabinet meeting for a final decision.
The economy of Pakistan is classified as a low-income developing economy. It is the 23rd-largest in terms of GDP based on purchasing power parity (PPP). In 2021, the country had a population of 227 million people.
As of FY22, the nominal GDP of Pakistan stands at US$376 billion with a nominal GDP per capita of US$1,658 (177th); its GDP based on PPP stands at US$1.512 trillion with a GDP (PPP) per capita of US$6,662 (168th).
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