The Punjab Finance Department has issued a notification announcing significant increases in salaries for government employees and pensions for retirees, effective from July 1, 2024.
According to the notification, government employees from grades 1 to 16 will receive a 25% increase in their salaries. Employees in grades 17 to 22 will see a 20% increase. The increments will be applied to the existing basic pay of the employees.
Simultaneously, pensioners in Punjab will also benefit from an increase in their pensions, which has been raised by 15%. The notification specifies that this increase will apply to all retired employees from July 1, 2024, onwards.
However, it was specified that the retired employees did not get 15% increase in their pensions on July 1.
The notification regarding the pension increase has been forwarded to the Accountant General Punjab for implementation.
Also Read: Federal govt announces salary and pension increases for employees
This announcement marks a significant step by the Punjab government to enhance the financial well-being of its employees and retirees amid economic challenges, providing relief and improved financial security to thousands of individuals across the province.
Earlier this month, the Ministry of Finance officially announced an increase in the salaries and pensions of federal government employees, providing significant financial relief.
As per the notification, employees in grades 1 to 16 will see a 25% salary increase, while officers in grades 17 to 22 will receive a 20% raise. This adjustment will take effect from July 1, 2024, and will be applied to the employees’ basic pay.
Additionally, federal government retirees will benefit from a 15% increase in their pensions. This increment applies to both civil and armed forces retirees. Notably, employees retiring on or after July 1, 2024, will also be eligible for this pension increase.
