ISLAMABAD: The Finance Ministry has suggested a 15-20 percent hike in salaries and pensions in the upcoming federal budget 2024-25, here on Wednesday.
As per the reports, the monetization policy of the bureaucracy has been proposed to be increased from Rs.40 thousand to Rs.60 thousand, while the monetization for officers up to grade 20 has been proposed to be increased from Rs.65 thousand to Rs.105 thousand.
Sources within the finance ministry said that a 10% increase in the salaries of officers from grade 1 to 20 will have an impact of 80 billion rupees on the national treasury.
Sources further said that a 200% increase in medical and conveyance allowance of employees from grade 1 to 16 has been demanded.
Additionally, Grade 1 to Grade 16 employees are currently getting Rs 1,800 Conveyance Allowance and Rs 1,500 Medical Allowance while Grade 17 and 18 officers are getting Rs 5,000 Conveyance Allowance.
There is also a proposal to increase the conveyance allowance by 200%, sources added
Sources in the ministry say that Grade 16 employees got 25% and 15% disparity allowance in 2021 and 2022. In the upcoming budget, the ministry also proposed to continue the disparity allowance to bridge the gap between provincial and federal employees. Is.
The proposals for increase in salaries and allowances are in initial stages. The final decision will be taken by Prime Minister Shehbaz Sharif in consultation with the Finance Ministry and the Cabinet.
Salaries and pensions of government employees are expected to rise by 15 to 20 % in the e upcoming budget FY 2-024-25. The government is considering an increase due to the high-inflation rate in the country.
Reports suggested that the federal budget proposal also includes an increase in the pension of retired employees by 15 percent.
A family pension, after the death or disentitlement of the spouse, might only be admissible to remaining entitled family members for a maximum period of 10 years.
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