The Punjab government, led by Chief Minister Maryam Nawaz Sharif, is poised to present its first budget for the fiscal year 2024-25, with a total outlay of approximately Rs5.37 trillion. This budget allocates Rs3.7 trillion from the National Finance Commission (NFC) award and aims for a revenue target of Rs1.025 trillion.
Major allocations include Rs595 billion for salaries, Rs445 billion for pensions, Rs840 billion for service delivery, and Rs700 billion for development. Additionally, Rs. 30 billion has been allocated for the Ramadan relief package, and Rs. 8 billion for the Central Business District (CBD).
The budget also focuses on over 1,800 development schemes, dedicating Rs76.5 billion for specialized healthcare and Rs33.89 billion for primary healthcare. No new taxes will be introduced, but measures to improve tax recovery will be proposed.
Punjab Budget 2024-25
Provincial Finance Minister Mujtaba Shujaur Rehman will present the budget, which has increased by Rs910 billion compared to the previous year, marking a 20.3 percent rise. This increase reflects the expenditures of the past eight months under the caretaker government and the upcoming three months under the newly elected administration.
The budget anticipates Rs3,700 billion from the NFC and estimates Punjab’s income at Rs1,027 billion. Proposed allocations also include Rs597 billion for salaries, Rs447 billion for pensions, Rs841 billion for service delivery, and up to Rs125 billion for external loan repayments.
Salaries Pension Increase In Budget 2024-25 In Pakistan
The Punjab government is expected to announce a significant salary increase for its employees in the 2024-25 budget. Government employees can anticipate up to a 25% raise in their salaries. This increase aligns with broader financial adjustments proposed by the provincial administration to support its workforce. The exact details will be unveiled during the budget presentation.
Increase in Pension for Retired Employees
The Punjab government is expected to raise pensions by 15%, matching the federal government’s proposal in the budget.
Minimum Wage Increase
The minimum wage for unskilled laborers in the province is set to increase by Rs5,000, bringing it to Rs37,000.
