Federal Budget 2023-24: government up to 35% increase employees’ salaries and 17.5% increase pension, 32,000 minimum wage,

Federal Budget 2023-24

ISLAMABAD: The federal Budget 2023-24 cabinet has approved the budget worth 14 thousand 6 billion rupees for the new fiscal year, which has a deficit of 6 thousand billion rupees, while the minimum wage has been approved by 32 thousand rupees and an increase of 35 percent in the salaries of government employees. 

 

According to Voiceup Pakistan News, Federal Budget 2023-24 a meeting of the federal cabinet was held under the chairmanship of Prime Minister Shahbaz Sharif to approve the budget for the new financial year. In the meeting, Finance Minister Ishaq Dar briefed the cabinet.

Annual Development Programme

In the meeting, the Federal Cabinet approved the Federal Development Program (PSDP) worth Rs 1150 billion, in which Rs 491.3 billion have been allocated for infrastructure.

Energy, Water, Transport and Communication

According to sources, the cabinet has approved allocation of Rs 86.4 billion for the energy sector, Rs 263.6 billion for the development of transport and communication sector, Rs 99.8 billion for reservoirs and water sector. are kept.

Defense

1804 billion rupees have been allocated for defence. The defense budget could not be increased significantly due to the devaluation of the rupee against the dollar. The defense budget has been allocated to the three armed forces, apart from the Ministry of Defence, defense production, and subsidiaries.

In the financial year 2022-23, the defense budget was allocated 1510 billion rupees, but this time the defense budget has been kept very low according to the value of the rupee. In the current financial year 2022-23, the armed forces have reduced many of their expenses by participating in the National Savings Campaign.

Health and education

The cabinet approved the allocation of 241.2 billion rupees for the development of the social sector, 22.8 billion rupees for the health sector, 81.9 billion rupees for the education sector and higher education, and 90 billion rupees for the programs to achieve the sustainable development goals. gave

Minimum salary fixed at 32 thousand rupees

The federal cabinet approved setting the minimum salary at 32 thousand rupees for the next financial year.

Approval of salary increase

It has been proposed to increase the salaries of the government employees by 35% and the pension also while their pension is also being increased. According to the draft of the budget speech, it has been proposed to increase the minimum wage in Islamabad from 25 thousand to 30 thousand rupees, while the EOBI pension has been proposed to be increased from 8500 to 10 thousand rupees. .

A 35 percent increase in the salaries of government employees from grade one to 16 and a 25 percent increase in the salaries of employees from grades 17 to 22 have been proposed. Similarly, the cabinet approved a seventeen and a half percent increase in the pension of retired employees.

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According to the draft budget, the House Building Finance Corporation scheme is being introduced for indebted widows. Under the scheme, the remaining debts of these widows up to one million rupees will be paid by the government. Federal Budget 2023-24 Done

 

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VOICEUP PAKISTAN

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