ISLAMABAD: The federal cabinet on Wednesday approved 25% increase in the salaries of government employees. The said increment has been approved for the employees in Grade 1 to 16.
Meanwhile, the government also gave the approval for an increase of 20% in the salaries of grade 17 to 22 employees, sources said.
Moreover, the federal cabinet also greenlit a 15% hike in the pensions of retired employees.
The federal cabinet had earlier in the day approved the budgetary proposals for the coming fiscal year 2024-25.
Chaired by Prime Minister Shehbaz Sharif, the special cabinet committee deliberated on the budget proposals and accorded its approval to the Finance Bill 2024.
The cabinet meeting also okayed the budgetary proposals to be presented before the National Assembly for its onward consideration.
The federal government is set to unveil the much-awaited Rs18.5 trillion budget for fiscal year 2024-25 today as it aims to secure the new International Monetary Fund (IMF) bailout, according to a The News report.
Finance Minister Muhammad Aurangzeb will present the budget in the National Assembly and in this regard, the ministry has completed its preparations.
The budget comes a day after the government said economic growth of 2.4% expected in the current year would miss a target of 3.5%, although revenues were up 30% over last year, and the fiscal and current account deficits were under control.
Read more: Federal Government all set to present Rs18,500 billion growth-oriented budget today
