The Finance Department of the Government of the Punjab released a Notification on 18-07-2023 on the Punjab Pension 2023 Increase of 5% of Net Pension. This pension increase for Punjab province residents will take effect on July 1, 2023. Here are the specifics:

As on July 1, 2023, the federal government and other provinces will be contributing 17.5% of the previous pension to the recipient’s new pension. The government of Punjab, however, is the only one to increase the pension. On 05-07-2023, the Finance Department sent out a notice saying that the federal pension increase for that year would be 17.5%.

Following the presentation of the 2020–2024 budget, regular pay and benefits will rise. Pension increases have also been announced by the government of Punjab. An increase of 5% has been authorised for all pensions by the government of Punjab.

Rate of Enhancement in Pension Punjab

• Government retirees and recipients of civil pensions will have a 5 percent rise. Ages 80 and up are acceptable.
• On July 1, 2023, pensions for government retirees and civil servants over the age of 80 would increase by 20%.
• Increasing pension video by 15% In a letter dated July 11, 2011, para (12-i) was included.
• Pension video increase of 5% There was a para (01) letter sent out on July 23rd, 2015.
• Increasing pension video by 15% 21 July 2022 letter issued in response to para (02). Only retirees who take their pensions after July 1, 2023, will be eligible for this rate.

Terms and Conditions

• A pension increase of 5% has been authorised by the government. Anyone planning to retire on or after July 1, 2023 is eligible for this bonus boost of 5%.
• The letter clarifies that “Net Pension” refers to the reduced pension amount after the medical allowance has been deducted.
• The family pension will also be eligible for the rise. The budget department does this by referring to the Pension Gratuity Scheme of 1954 and the Pension Rule Liberalisation Act of 1977.
• If the Punjabi government were to approve a gross pension for every retiree, it would be disastrous.
• And if the retiree is splitting their pension with another government, the increase will be shared fairly.
• Special supplementary pension in lieu of pre-retirement orderly allowance does not allow this.
  Civil pensioners of Punjab who are now living overseas are also eligible to receive the raise. This allowance increase is not available to citizens of Bangladesh or India. All payments are made at the current market exchange rate.