ISLAMABAD – The federal government is all set to announce its first budget for fiscal year 2024-25 in June with retired employees expecting significant surge in pensions amid higher inflation in the country.

All retired employees of the federal and provincial governments are eagerly waiting for the budget as every year an increase is announced in their pensions.

The pension is given to all retired officials, who have served at permanent posts, so they can spend their life without any tension of income. The pension amount is fixed in line with the salary package of the government employees.

Both federal and provincial governments used to announce increment in pensions of their retired employees in budget every year.

Expected Increment in Pensions of Govt Employees from July 2024

In the upcoming budget 2024-25, the governments are expected to raise the pension of retired employees by 10 percent. However, the final decision will be taken by the governments after reviewing the recommendations by the finance ministry.

The increment, if approved, will come into effect from July 2024.