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Tuesday, November 5, 2024

Home Business Punjab Budget 2024: Big raise in Salary, Pension announced for govt employees

Punjab Budget 2024: Big raise in Salary, Pension announced for govt employees

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LAHORE – Punjab government has declared a 20 to 25 percent salary increase for provincial employees and a 15 percent hike in pensions. Additionally, the minimum wage in the province is set to rise from Rs. 32,000 to Rs. 37,000 per month.

As per the official budget document, government employees in grades 1 to 16 will receive a 25 percent salary increase, while those in grades 17 to 22 will see a 20 percent raise.

Punjab Budget Salary Increment 2024

Increment	Percentage
Grade 1-16	25%
Grade 17-22	20%

A day before, Federal government announced budget 2024-25, providing relief to inflation weary people. The federal cabinet of Pakistan approved a 25pc raise for public sector employees in Grade 1 to 16, and a 22pc raise for employees in Grade 17 to 22.

Pensioners will also benefit from a 15pc increase. The budget, with a total outlay of Rs. 18 trillion, aims to address economic challenges, modernize agriculture, promote IT, boost exports, stimulate industrial growth, and strengthen businesses.

Finance Minister Muhammad Aurangzeb will present the budget in the National Assembly, which also includes potential tax increases as Pakistan seeks another loan package from the IMF.