I am sharing 10 June Federal Budget 2022 Salary and Pension Update. So, the government of Pakistan has decided to give budget 2022-23 today. All government grand alliance (AGEGA) is protesting in the Islamabad in front of Parliament House.
However, the government of Pakistan announced two days before that they will discuss with IMF for salary and pension of employees. Therefore, all employees are protesting against IMF policy.
10 June Federal Budget 2022 Salary and Pension Update
ISLAMABAD: The federal budget for the next financial year 2022-23 will be presented in the National Assembly on Friday. Dr Muftah Ismail (Federal Minister for Finance and Revenue) will present the federal budget and finance bill.
However, according to sources, there is a possibility of 5-10% increase in salaries and pensions of government employees before budget. But after budget 15% salary increased. So, Income tax exemption abolished and regulatory duty on luxuries and non-essential items increased.
I think, the govt will present this budget in the evening 4 PM. So, they will discuss about the salaries and pension for the families of employees. They are protesting in Islamabad. The police is trying to control the situation near parliament house of Pakistan.
You May Read: Federal Budget 2022 Pay Scale Revision Govt Employees
Who was most affected by unemployment during the Pakistan Tehreek-e-Insaf (PTI) -led government? This news will surprise you that Pakistani youth, who were loyal to Imran Khan. But they suffered the most as the youth unemployment rate was almost double the overall unemployment rate.
The government has allocated Rs 530 billion in the federal budget for pensions. In addition, federal government has allocated Rs 699 billion for targeted subsidies for the benefit of the people.
The finance minister has earmarked Rs 1242 billion in the form of grants for the financial year 23-2022. Similarly, Which includes grants from Bait-ul-Mal, Benazir Income Support Program and other departments.
In the federal budget, the finance minister has increased the amount of Benazir Income Support Program from Rs 250 billion to Rs 364 billion.
In addition, the minister of finance has allocated Rs. 12 billion for subsidy of goods on Utility Store Corporation. Similarly, the govt has allocated an additional amount of Rs. 5 billion for Ramadan package.
Under the next financial year, under the BISP, the government will provide 9 million families with the facility of Benazir Kafalat Cash Transfer Program for which they have allocated Rs. 266 billion.
15% Salary Increase in the Budget:
The Finance Minister said that the country is currently suffering from severe financial crisis and still the government employees are aware of the difficulties, so the salaries of government employees are being increased by 15%.
Similarly, You May Read: Latest Pay Scale Chart News Budget 2022 for Employees
Important Points Budget 2022-2023:
- However, the total expenditure estimated at Rs. 95.2 trillion.
- The FBR’s revenue estimated at Rs. 7004 billion.
- After the share of the provinces, the federal government will have a net revenue of Rs. 4904 billion.
- Non-tax revenue is estimated at Rs. 2000 billion.
- Rs. 3,950 billion announced for debt servicing.
- Rs 800 billion allocated for development projects
1523 billion allocated for defense.
- Civil administration expenditure will be Rs 550 billion.
So, Rs. 530 billion allocated for pensions.
- The government has announced an amount of BISP (Benazir Income Support Program) from Rs. 250 billion to Rs. 364 billion.
- HEC: Above all, Rs. 65 billion allocated in the budget for HEC (Higher Education Commission).
- The finance has allocated Rs. 12 billion for subsidy of goods on USC (Utility Store Corporation).
- In other words, one lakh laptops will be provided to students in easy installments
Binding Film Finance Fund established at a cost of Rs. 1 billion per annum.
So, 15% increase in salaries of government employees.
- In addition, the finance minister has announced an amount of Rs. 72 billion for improving power generation, transmission and distribution.
- Rs 100 billion allocated for Diamer Bhasha Dam, Mohmand, Dasu, New Gaj Dam and Command Area projects.
- Rs 202 billion allocated for highways and ports.
- Rs 51 billion allocated for higher education projects.
- Rs 24 billion allocated for infectious diseases, supply of medical equipment, vaccinations etc.
- So, approximately Rs. 10 billion allocated for tackling climate change
Rs 17 billion allocated for promotion of IT exports.
- Similarly, income tax limit for salaried class fixed at Rs. 12 lakhs
Increased taxes on rental income and property transactions
Tax exemption on medicines and solar panels.
- So, the government has announced a levy of Rs 100 to Rs 16,000 on the import of mobile phones.
- At last, proposal to increase advance tax on vehicles larger than 1600 cc.