According to the declaration made by the finance minister during the budget address on June 10, the Finance Ministry has officially increased the existing rate of pensions for federal government retirees to 15%. A Friday office memo (OM) in this respect was released by the Finance Division. In accordance with the memo, the federal government increased the existing rate of pension increase (i.e., 10 percent granted with effect from 01-04-2022) to 15 percent with effect from July 1, 2022, for all federal government pensioners, including civilians paid from defense estimates as well as retired armed forces personnel and civil armed forces personnel, until further orders.
The memorandum states that pensioners who retire on or after July 1, 2022, will also be eligible for the 15% pension increase.
The memorandum said that the last five pension increases (at the rates of 10% in 2016, 10% in 2017, 10% in 2018, 10% in 2019, and 10% in 2021) will no longer be in effect for pensioners who retire on or after July 1, 2022.
On Monday, June 13, during the province assembly session, the Punjab administration presented its budget for the upcoming fiscal year.
To read our blog on “Salaries and pensions for June will be paid in advance in Punjab,” click here.
