LAHORE – Chief Minister Maryam Nawaz Sharif-led Punjab government is all set to present its first budget for fiscal year 2024-25 with approximately total outlay of Rs5.37 trillion today June 13.
The provincial budget comes a day after the federal government unveiled the proposed finance bill for next fiscal year in the parliament.
The provincial government is expected to receive Rs3.7 trillion from Centre under the National Finance Commission (NFC) award, while the provincial government would fix the revenue target at Rs1.025 trillion.
The government is expected to set aside Rs595 billion for salaries, Rs445 billion for pensions, Rs840 billion for service delivery costs, and Rs700 billion for development.
It would also earmark Rs30 billion for the Ramadan relief package and Rs8 billion for the Central Business District (CBD).
It would set aside a significant amount for over 1,800 development schemes across the province. The government would earmark Rs76.5 billion for specialized healthcare and Rs33.89 billion for primary healthcare.
The government would not announce any new taxes in the budget 2024-25 but it would propose measures to boost the recovery of taxes.
Expected Increase in Salary of Punjab Government Employees
The provincial government is expected to announced up to 25% increase in salaries of the government employees in the budget 2024-25.
Increase in Pension of Retired Employees
It is likely to increase the pension by 15% in line with the proposal made by the federal government in the budget.
Minimum Wage
The Punjab government would also jack up the minimum wage by Rs5,000 to Rs37,000 for unskilled labourers in the province.
