ISLAMABAD: In the latest budget, the government has raised the minimum salary to Rs. 37,000 per month while also increasing the pensions of retired officials by 15%.
During his budget statement on Wednesday, Finance Minister Muhammad Aurangzeb disclosed that Rs1.014 trillion had been set aside for pension costs. He emphasized the efforts being made by the government to restructure the pension system in order to solve the trillion-rupee unfunded pension liabilities.
Mr. Aurangzeb emphasized the necessity of enacting measures in order to curb the escalating costs associated with pensions.
He said that over the next three decades, a three-pronged plan that adheres to global best practices will be put into place to lower the pension liability.
