Federal Employee Salaries and Pensions Set to Rise in July 2024

Federal Employee Salaries and Pensions Set to Rise in July 2024

Federal Employee Salaries and Pensions Set to Rise in July 2024

Federal Employee Salaries and Pensions Set to Rise in July 2024

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The federal government is expected to unveil the budget for the financial year 2024-25, with a total outlay of Rs17 trillion, on June 7. Initially, the budget draft will be reviewed in a federal meeting for approval before being presented to Parliament.

The Ministry of Finance is preparing to finalize the budget draft in the coming days, adhering to the conditions set by the International Monetary Fund (IMF). As part of the budget for 2024-25, the government is anticipated to propose salary and pension increases for federal employees.

15% Increase Likely in Salaries and Pensions of Federal Employees

In the upcoming 2024-25 budget, the government is expected to announce up to a 15 percent increase in federal employee salaries and a 10 percent increase in pensions for retired employees.

However, the final decision will be made by the government after reviewing the finance ministry’s recommendations. If approved, the revised salaries and pensions would take effect on July 1, 2024.

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