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Islamabad: Finance Minister to Present Rs. 14,500 billion Budget in National Assembly

There are indications of a possible increase in salaries and pensions for government employees in the upcoming budget for the fiscal year 2023-24.
by TNN Editor - 09 Jun, 2023 1640
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Islamabad: Finance Minister Ishaq Dar is set to present the budget proposals for the new financial year in the National Assembly today. The total budget size is estimated to be Rs. 14,500 billion, with a significant focus on development spending.

The federal development budget is expected to reach Rs. 1,150 billion, marking a 31% increase compared to the current year. Notably, an allocation of Rs. 90 billion has been earmarked for development schemes proposed by parliamentarians.

In terms of provincial development budgets, Punjab's allocation stands at Rs. 426 billion, while Khyber Pakhtunkhwa is allocated Rs. 268 billion. Balochistan's budget is proposed to be Rs. 248 billion, representing a substantial 65% increase from the previous year.

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There are indications of a possible increase in salaries and pensions for government employees in the upcoming budget for the fiscal year 2023-24.

According to sources, a 30% salary increase is being proposed for government employees from grade 1 to 16, and a 20% increase for officers from grade 17 to 22. Additionally, a 15 to 20% increase in pensions is also being considered, with an allocation of Rs. 780 billion for pensions in the new budget.

The final approval for salary and pension increases will be determined in the cabinet meeting scheduled for June 9, in preparation for the federal budget of the upcoming financial year.

It is noteworthy that the budget for pensions in the current fiscal year was set at Rs. 609 billion, while the upcoming budget is expected to allocate an additional Rs. 171 billion for pension payments.