Significant pay increases for public servants and pension enhancements for retirees have been announced by the Punjab Finance Department in a notification that goes into effect on July 1, 2024.
The notification states that the salary of government employees in grades 1 through 16 will increase by 25%. Workers in grades 17 through 22 will receive a 20% raise. The employees’ current base salary will be increased by the increments.
Pensioners in Punjab will further profit from a 15% boost in their pensions at the same time. According to the announcement, this rise will take effect on July 1, 2024, for all retired personnel.
On July 1, it was stated, nevertheless, that the retired workers did not receive a 15% raise in their pensions.
The Accountant General of Punjab has received the notification about the pension hike and will be implementing it.
With this declaration, the Punjab government has taken a major step toward improving the financial security and well-being of thousands of people around the province by assisting its employees and retirees in the face of economic hardship.
Significant financial relief was made available when the Ministry of Finance formally declared earlier this month that federal government employees’ pay and pensions would be increasing.
Employees in grades 1 through 16 will enjoy a 25% pay boost, while officers in grades 17 through 22 will see a 20% raise, according to the announcement. This adjustment will be applied to the employees’ base pay and will become effective on July 1, 2024.
