Annual fiscal budget for year 2018-19 was presented by federal finance minister Mr. Miftah Ismail in national assembly of Pakistan.
Following are the benefits that have been announced by the federal government of Pakistan.
Salary Increase and Other Benefits in Budget 2018-19
Relief in Tax for Salary Persons
Federal Government has removed the income tax for the salaries person having income less than Rs.12,00,000 per annum. This will provide a big relief to all government and private sector employees.
Pension Increase 2018 @10%
Pension has been increased by 10% in budget 2018.
Increase in Family Pension
In Federal budget 2018-19, The family pension for the widows of pensioners has been increase from minimum of Rs. 4500 to Rs.7500 per month.
Minimum Pension for Pensioners
Minimum for pension has been increased from Rs 6,000 to Rs 10,000. On the other hand, pensioners above the age 75 will get a minimum pension of Rs 15,000.
Adhoc Relief Allowance 2018 @10%
A new adhoc relied allowance 2018 has been awarded to the employees at the rate of 10 per cent.
House Rent allowance has been Increased 50%
There has been a consistent demand for increase in house rent allowance for many years. In this budget, House rent allowance has been increased by 50%.
House rent Ceiling has been also Increase 50%
In the budget 2018-19, House rent ceiling has been increased by 50% as well.
Overtime rate Increased Rs 40 to Rs 80 per Hour
Overtime rate has been increased from Rs 40 per hour to Rs 80 per Hour