The Punjab Finance Department has issued a notification detailing substantial raises in salaries for government employees and pensions for retirees, effective July 1, 2024.
According to the notification, employees in grades 1 to 16 will receive a 25% salary increase, while those in grades 17 to 22 will see a 20% raise. These increases will be applied to their current basic pay.
Simultaneously, retired employees in Punjab will also benefit from a 15% increase in pensions starting from July 1, 2024.
The notification regarding pension increments has been sent to the Accountant General Punjab for implementation.
This announcement signifies a significant effort by the Punjab government to improve the financial well-being of its employees and retirees amid economic challenges, providing relief and enhanced financial security to many across the province.
In related news, the federal government recently announced salary and pension increases for its employees. Employees in grades 1 to 16 will receive a 25% salary raise, while those in grades 17 to 22 will see a 20% increase, effective July 1, 2024. Similarly, federal government retirees will experience a 15% rise in pensions, including both civil and armed forces retirees. This adjustment applies to retirees from July 1, 2024, onwards.