I am sharing the Latest Salary and Pension Increase News Updates Budget 2024 as on 28-05-2024. There are chances of reasonable salary and pension increases for employees and pensioners. As per the latest news updates, there are chances of a 10% to 15% increase in salaries for the Government employees.
The Latest Salary and Pension Increase News Updates Budget 2024-25 for Employees and Pensioners
As per the news, there is a proposal of a 10% to 15% increase in salary of the Government employees. The government can also increase the salary at the same rate.
However, PPPP delegation met with the Prime Minister and urged to raise the salaries of Government employees minimum 20% to 25%. The Prime Minister gave consent to increase the salary of employees keeping in view the financial status.
The government is ready to introduce pension reforms for employees and pensioners. The government may cease more than one pension. In addition to that, there are proposals for other reforms in pensions.
As per the news, Government wants to increase pay @ 10%, however, due to pressure Government ay increase the salary by 12.5% or 15%. There is also a proposal of increase the monetization for vehicles amount from 20% to 25%. Currently, the BPS-20 to BPS-22 employees are getting the following monetization of conveyance amount:
BPS-20 = 67,000/- per month
BPS-21 = 77,000/- per month
BS-22 = 87,000/- per month
Tax on Pension
There is also a proposal for taxable pension slabs and Tax on Pensions in Budget 2024-25 for the pensioners. The slab may start from 100,000/-. The pensioners getting less than 100,000/- pension will have to pay no tax.
Pension Reforms and Retirement Age
As per news, Government may propose the increase in retirement age for 62 years or 65 years. There is also a proposal to calculate the pension on the average of the last 36 months of basic pay. The pensioners will get the increase in pension on the basis of pension at the time of retirement instead of net pension.
The commute amount, Government may decrease to 25% instead of current 35%. The pensioner if gets another Government job, after retirement, will have to choose only one pension.
