The Punjab Finance Department has issued a notification announcing substantial increases in salaries for government employees and pensions for retirees, effective from July 1, 2024.
Salary Increases for Government Employees:
- Grades 1 to 16: 25% increase in salaries
- Grades 17 to 22: 20% increase in salaries
These increments will be applied to the existing basic pay of the employees.
Pension Increases for Retirees:
- Pension Increase: 15% for all retired employees from July 1, 2024, onwards.
Implementation Details:
- The notification regarding the pension increase has been forwarded to the Accountant General Punjab for implementation.
Context and Significance:
This announcement is part of the Punjab government’s efforts to improve the financial well-being of its employees and retirees, providing significant relief and enhanced financial security amid economic challenges.
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Federal Government Adjustments:
Earlier this month, the Ministry of Finance announced similar increases for federal government employees:
- Grades 1 to 16: 25% salary increase
- Grades 17 to 22: 20% salary increase
These adjustments will also take effect from July 1, 2024, and will be applied to the employees’ basic pay. Additionally, federal government retirees, both civil and armed forces, will receive a 15% increase in their pensions, effective for those retiring on or after July 1, 2024. These measures reflect the government’s commitment to providing financial relief and addressing economic challenges faced by public sector employees and retirees.
