Keep up to date with the latest news

Salary Increase Latest News Today about Budget 2023-24 Pakistan – Pensions and Pay Increase 2023

According to recent reports from a well-known news outlet, the government intends to make a significant announcement about employee pay and pensions in the forthcoming budget 2023–24. Before the 2023 election, the administration intends to publish a yearly budget.

The first or second week of June are the likely dates for the Budget. With a 50% pay rise for both salary and pensions, the government hopes to relieve some pressure on workers. The administration intends to have elections shortly, and in order to strengthen their political position, they want to grant significant wage and pension increases before the elections.

Additionally, government workers desire a rise in the medical allowance, transportation allowance, and house rent allowance HRA. A plan calls for raising salaries by 50% and pensions by 30%.

To create a budget that would be helpful to the public and provide significant relief, the Ministry of Finance is working assiduously.

Salary Increase Latest News Today about Budget 2023-23 Pakistan

In the Budget for 2023–2024, labourer pay would increase to Rs. 40,000 and petrol prices will decrease.
The budget for 2023–2024 calls for raising the minimum wage from Rs. 25000 to Rs. 40,000. The budget for the next month is anticipated to include lower petrol costs.

When creating the budget, the government will also take the International Monetary Fund (IMF) points into account. After speaking with all of his allies’ political groups, Prime Minister Shehbaz Sharif will decide on a course of action.

The unified political parties have submitted their ideas for raising the wages for government employees by 50% and their pensions by 30%. Additionally, they recommended a minimum wage of up to 40,000 per year.

When will the budget for 2023–24 be presented?

Probably in the first or second week of June 2023, the Financial Budget for 2023–24 will be unveiled.

What percentage pay and pension increases may be anticipated?

In the next budget, salary increases of 50% and pension increases of 30% are anticipated.

What will labour salaries be following the budget?

After Budget 2023-2024, the proposed labour salaries will be 40,000 per month.

When will the Election of 2023 take place?

Immediately following the introduction of the budget, elections for 2023 will be held.