Islamabad, June 21, 2023: In a significant move aimed at improving the financial well-being of government employees, the government of Pakistan has announced an 18% increase in the pension for pensioners of the Employees Old-Age Benefit Institution (EOBI).
The announcement was made as part of the latest budget for the fiscal year 2023-24, presented by Finance Minister Ishaq Dar. This increase in pension from Rs8,500 to Rs10,000 is expected to alleviate the financial burden faced by retired individuals who rely on EOBI for their post-retirement income.
Recognizing the challenges posed by inflation and its impact on government employees, Finance Minister Ishaq Dar emphasized the government’s commitment to addressing their plight. The budget introduces various relief measures aimed at improving the purchasing power of government employees. Adhoc Relief Allowance will be granted to increase salaries, ensuring a more favorable financial position for public servants.
Moreover, existing allowances will also witness an increase, including Daily Allowance, Mileage Allowance, Additional Charge/Current Charge/Deputation Allowance, Orderly Allowance, Special Conveyance Allowance for Disabled, Constant Attendant Allowance (Military), and Driver Allowance for authorized pensioners.
To provide further support to retired government employees, the minimum pension has been raised to Rs10,000. This increase aims to uplift the standard of living for pensioners and provide them with a more secure financial future. Additionally, the minimum wage in the Islamabad Capital Territory (ICT) has been raised from Rs25,000 to Rs30,000, ensuring a fairer income for workers in the region.
Continuing its commitment to supporting vulnerable groups, the government has introduced a scheme to assist widows with outstanding debts payable to the House Building Finance Corporation. This initiative follows in the footsteps of previous schemes launched by Prime Minister Muhammad Nawaz Sharif and aims to alleviate the financial burden faced by widows. Under this scheme, the government will pay off the remaining debt, up to Rs1,000,000, for eligible widows.
The budget also includes measures to enhance investment opportunities and benefits for citizens. The deposit limit in the Shuhada Account of the Central Directorate of National Savings (CDNS) has been increased from Rs5,000,000 to Rs7,500,000. Similarly, the deposit limit in Behbood Savings Certificates has been raised from Rs5,000,000 to Rs7,500,000. These enhancements aim to provide individuals with more attractive savings options and the potential for higher returns.
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