- The federal government of Pakistan will announce its first budget for fiscal year.
- Government employees anticipate salary increases in the budget each year.
- Efforts are underway to reduce inflation to 5–7 percent by September 2025.
Islamabad – The federal government is gearing up to unveil its inaugural budget for the fiscal year 2024–25 in June, navigating through a landscape marked by multiple economic hurdles.
Every year, the announcement of the budget holds great significance for both federal and provincial government employees, who eagerly anticipate potential salary increases. These adjustments are typically made by the government, factoring in various elements such as inflation.
With inflation being a key concern, the government has been actively implementing measures aimed at curbing it, aiming to bring it within the target range of 5–7 percent by September 2025.
Recent data indicates a positive trend in inflation figures. Headline inflation, for instance, saw a decline from 23.1 percent in February to 20.7 percent year-on-year in March. Similarly, core inflation experienced a notable decrease from 18.1 percent in February to 15.7 percent during the same period.
The State Bank of Pakistan’s Monetary Policy Committee remains optimistic, foreseeing a sustained downward trajectory for inflation.
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Traditionally, both federal and provincial governments have used the budget announcement as an opportunity to unveil salary increments for their employees.
Expected Increment in Salaries of Govt Employees from July 2024
In the forthcoming budget for 2024–25, there are expectations of a 10 percent salary increase for government employees. However, the final decision rests with the government, pending a thorough review of recommendations by the finance ministry.
If approved, this increment is slated to come into effect in July 2024, potentially offering relief to government employees amidst economic uncertainties.
