Government Employees
ISLAMABAD: The federal cabinet on Wednesday approved a substantial 25% increase in the salaries of government employees, according to reliable sources.
This salary increment applies to employees in Grade 1 to 16, reflecting the government’s effort to enhance the financial well-being of its lower and mid-level workforce.
Additionally, the government has sanctioned a 20% salary increase for employees in Grade 17 to 22, ensuring that higher-grade officials also receive a significant pay boost. The federal cabinet’s decision aligns with its earlier approval of budgetary proposals for the upcoming fiscal year 2024-25.
The special cabinet committee, chaired by Prime Minister Shehbaz Sharif, meticulously reviewed the budget proposals and subsequently granted approval to the Finance Bill 2024. This bill outlines the government’s financial strategy and expenditures for the next fiscal year.
The cabinet meeting also endorsed the budgetary proposals that will be presented before the National Assembly for further consideration.
This step is crucial as it paves the way for the formal adoption of the budget, ensuring that the proposed financial measures are implemented effectively.
The federal government is set to unveil an extensive Rs18.5 trillion budget for the fiscal year 2024-25.
This highly anticipated budget aims to secure a new bailout from the International Monetary Fund (IMF), which is vital for stabilizing the country’s economy.
According to a report, the budget presentation is scheduled for today, with Finance Minister Muhammad Aurangzeb leading the proceedings in the National Assembly. The Ministry of Finance has completed its preparations for this significant event.
The budget announcement follows the government’s recent acknowledgment that the anticipated economic growth of 2.4% for the current year will fall short of the initial target of 3.5%.
Despite this shortfall in economic growth, the government has reported a notable increase in revenues, which have risen by 30% compared to the previous year.
Furthermore, the fiscal and current account deficits are reported to be under control, indicating a more stable economic outlook.
In summary, the federal cabinet’s approval of salary increases for government employees, coupled with the detailed budget proposals for 2024-25, underscores the government’s commitment to addressing both the immediate and long-term economic challenges.
The forthcoming budget presentation is expected to outline key strategies and reforms aimed at fostering economic growth and securing financial stability in collaboration with international partners such as the IMF.
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