Budget 2024-25: Government Employees Anticipate Salary Hike Starting July.
The PML-N led federal government is going to present its first budget for the 2024-25 fiscal year on June 12. The budget will be Rs18,000 billion and is highly anticipated because it includes substantial raises in the salaries and pensions of federal employees.
Finance Minister Mohammad Aurangzeb is set to present the budget to the National Assembly. Reports say the government plans to suggest a 10 to 15 percent raise in salaries and pensions for government workers. If the parliament agrees, these changes will begin in July 2024.
Expected Salaries for Government Employees
If the proposed salary and pension increases are approved, government employees will start earning more each month from July 2024. This decision aims to help them financially and improve their morale during times of rising inflation and economic difficulties.
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
Further, 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 shows the government’s dedication to bettering the financial situation of its employees while tackling the country’s economic issues. This announcement has created a lot of excitement among both federal workers and the public.
