ISLAMABAD: In a move to boost government employee pay, the federal cabinet approved a 25% salary increase for officers of Grade 1-16, sources said ahead of the Budget 2024-25.
Sources said that a 20% increment was also approved for the salaries of Grade 17-22 employees.
Meanwhile, 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.