Today News 30-35% increase in salaries of employees


30-35% increase in salaries of employees

Sen. Mohammad Ishaq Dar, Minister of Finance and Revenue, proposed on Friday a 30- to 35-percent rise in the ad hoc pay and a 17.5% increase in the pensions of Federal Government employees, acknowledging the problems these workers face as a result of rising inflation. When presenting the federal budget for the fiscal year 2023–2024, the minister said that the government had decided to grant Grades 1–16 employees an ad hoc salary relief of 35 percent and Grades 17–22 employees an ad hoc salary relief of 30 percent in an effort to increase their purchasing power. In the Islamabad Capital Territory (ICT), he also announced raising the minimum wage from Rs 25,000 to Rs 32,000 and putting the minimum pension at Rs 12,000 per month.

A plan, according to the minister, would increase the Employees’ Old-Age Benefits Institution (EOBI) pension from Rs. 8,500 to Rs. 10,000. Ishaq Dar claimed that the government would implement a program through which it would personally settle the Housing Building Finance Corporation (HBFC) loans that the widows of government personnel owed up to Rs 1 million. The deposit cap for Behbood Saving Certificates and Shuhada Accounts with the Central Directorate of National Savings (CDNS) would rise from Rs 5 million to Rs 7.5 million, according to the minister.


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