The Budget 2023-24 brings great news to the public as it includes a 30% increase in salary and a 30% pension increase. During these difficult economic times, employees have struggled to make ends meet. Therefore, we will describe in detail the latest News regarding the salary increase of 30% and the pension increase of 20% in Budget 2023-24 in this article.
Latest Update On Budget 2023-24 Offer Salary & Pension Increase
The Government has announced an increase of 30% in salaries and a 20% increase in pensions for employees in the budget 2023-24. During this economic climate, employees have been struggling to make ends meet, which is why this decision was made. It is anticipated that the increase in salary and pension will positively impact the economy by increasing purchasing power.
Employees Will Benefit From Increase In Salary & Pensions
Various benefits will accrue to employees due to the salary and pension increases. Firstly, their standard of living will improve since they will have more money for daily expenses. The second benefit is that they will have more savings for emergencies, thus providing them with a feeling of security. Last but not least, because they will feel valued and appreciated by the Government, their morale, and motivation will be boosted.
How Will Government Implement Increase This?
For the Government, the increase in salaries and pensions represents a major undertaking. But, first, salary and pension increases will strain the Government’s finances, so it must find ways to finance them without compromising essential services.
Also, an increase in salary and pension will lead to an increase in production costs, which consumers will pay.
Private Sector Pay Community Needs To Be Increased
Salaries and pensions at public organizations are increasing, so employees request that all private organizations increase their salaries. In addition, government employee salaries are expected to be raised by EOBI All Pension Holders Forum.
Due to the increase in salary and pensions of government employees, they are demanding an increase in the number of EOBI workers in the private sector. Only 8500 rupees per month are paid to the pensioners of the EOBI. Their pensions will be greatly enhanced if the Government increases them in line with inflation.
House Rent Allowance Demanded By Employees
The employees need help with the House Rent Allowance. In light of the revised pay scales for 2022, all government employees in Pakistan request and demand an increase in the House Rent Allowance in Budget 2023-24. The HRA is currently being paid based on the basic pay scales of 2008.