Budget 2024-25: Government Employees Anticipate Salary Hike Starting July
The PML-N led federal government set to unveil its first budget for the fiscal year 2024-25, with a total outlay of Rs18,000 billion, tomorrow, June 12. This budget eagerly awaited as it promises significant increases in the salaries and pensions of federal employees.
Finance Minister Mohammad Aurangzeb will present the budget in the National Assembly. According to reports, the government expected to propose a 10 to 15 percent increase in the salaries and pensions of government employees. If approved by the parliament, these changes will take effect starting from July 2024.
Expected Salaries for Government Employees
If the proposed salary and pension hikes sanctioned, government employees will see an increase in their monthly earnings from July 2024. This move aims to provide financial relief and boost the morale of the public sector workforce amidst rising inflation and economic challenges.
Key Budget Highlights
- Total Outlay: Rs18,000 billion
- Salary and Pension Increase: 10 to 15 percent
- Tax Collection Target: Rs12.9 trillion
- Debt and Interest Payment: Rs9.5 trillion
Additionally, to bolster revenue, the government is likely to increase the sales tax rate by one percent. This measure is aimed at meeting the ambitious tax collection target for the next fiscal year.
The proposed budget reflects the government’s commitment to improving the financial well-being of its employees while addressing the economic challenges facing the nation. The announcement has generated considerable anticipation among federal employees and the general public alike.
Stay tuned for more updates as the budget is officially presented and details are confirmed.
