News
June 14 , 2024
Pensions Raised by 15pc, Rs37,000 Minimum Wage
Islamabad: The government has increased the pensions of retired officials by 15 percent in the new budget , whereas the minimum wage has been raised to Rs37,000 per month.
Finance Minister Muhammad Aurangzeb revealed during his budget speech on Wednesday that Rs1.014 trillion has been allocated to cover pension expenses. He highlighted the government’s efforts to reform the pension system to address the unfunded pension liability, which amounts to trillions of rupees.
Mr Aurangzeb emphasized the urgency of controlling the rising pension expenses, which necessitated the introduction of reforms.
He said a three-pronged strategy, in line with international best practices, is being implemented to reduce the pension liability over the next three decades.
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