The caretaker provincial cabinet of Punjab has presented and approved the budget for the next four months, totaling 336 billion rupees. This budgetary decision comes with significant developments in employee compensation and pension plans.
Salary Increase and Pension Hike in Punjab’s Budget
As outlined in the budget document, government employees in Punjab will benefit from a 30% increase in salaries. This positive adjustment aims to enhance the financial well-being of public servants. Additionally, pensions will see a 5% increase, ensuring a more secure future for retirees.
Federal Allocation: Punjab Set to Receive 3645 Billion Rupees
Under the federal budget, Punjab is slated to receive 3645 billion rupees through the National Finance Commission (NFC) allocation. This significant financial influx is expected to support various sectors and initiatives within the province.
Revenue Targets and Contributions in Punjab’s Budget
The budget document sets a revenue target of 579 billion rupees for Punjab. To achieve this goal, the budget outlines various sources of income. Net hydel profit is estimated to contribute 30 billion rupees, while sales tax is projected to generate 240 billion rupees.
International Financial Institutions’ Support
Punjab’s budget also highlights its collaboration with international financial institutions. The province is expected to receive 167 billion rupees from these institutions, indicating external support for Punjab’s economic and developmental endeavors.
Allocation for Expenditures and Development Projects
The proposed allocation for the next four months includes 721 billion rupees for general expenditures. This funding will address crucial areas such as infrastructure, healthcare, education, and public services. Moreover, 116 billion rupees have been earmarked for pension disbursement, ensuring financial security for retired individuals. Additionally, ongoing development projects will receive 325 billion rupees, enabling progress and growth throughout the province.
Provincial Revenue and Non-Tax Sources in Punjab’s Budget
To meet the revenue target, the budget recommends allocating 393 billion rupees from provincial revenue sources and 186 billion rupees from non-tax sources. This diversified approach aims to optimize revenue generation and support Punjab’s financial stability and growth.