The federal government is expected to present the budget for the fiscal year 2024-25 on June 12. Sources said the government is working on different proposals for salary increases in the range of 10 to 15% for public sector employees in the upcoming budget FY 2024-25. On the salaries front, the Ministry of Finance wants to raise the salary by just 10%, say sources. There is another proposal under consideration to jack up monetisation for higher grade officers of grades 20, 21, and 22 in the range of 20 to 25%. The grade 20 officers have been getting monetisation of cars in the range of Rs67,000 per month, grade 21 officers in range of Rs77,000 per month and grade 22 officers of Rs87,000 per month. Now it is being considered that it might be jacked keeping in view inflationary pressures.

The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12. The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said. The federal budget 2024-25 will likely get approval from the Senate by June 26. The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on IMF’s demand. According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise. The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.

Credit: Independent News Pakistan