A notification regarding the Increase in Minimum Pension 2023 was released on August 17, 2023 by the Government of Pakistan’s Ministry of Overseas Pakistanis and Human Resource Development. The minimum pension was raised by the government, per the notification, from Rs. 8500 to Rs. 10,000 per month. Subsection (a) of Section 2 of the Employee’s Old Age Benefits Act of 1976 permits the government to raise pensions. Below are other details:
Federal Government Increases Pension Along with 17% Increase
Pensioners should be happy to learn that the Pakistani government has announced an increase in pensions. As stated in Section 2(a) of the Employee’s Old Age Benefits Act of 1976, the Pakistani government has increased the pension. Pensions for retirees received a 17% rise from the government in July. The decision to raise pensions by 17% for current pensioners has been made in light of the current economic climate. The following information is provided in regard to the pension increase:
|Previous Amount of Pension
|Amount of Pension including after increase
The Pakistani administration made a wise choice. Existing retirees will be able to take care of their needs thanks to an increase in pension. In these dire financial circumstances, pension augmentation is tremendously helpful.
Before the Finance Division of this Department published a Notification on the Federal Pensioners’ Pension Increase 2023. Pension increases are now available to federal and provincial retirees at a rate of 17.5% of their prior net pension.