Last Updated on July 18, 2023 by Galaxy World
Government of the Punjab, Finance Department issued a Notification on 18-07-2023 in connection with the Increase in Pension Punjab 2023 @ 5% of Net Pension. The pensioners of the Punjab province will get this enhancement on pension with effect from 1st July 2023. The details are as under:
Increase in Pension Punjab 2023 @ 5% of Net Pension
Federal and other provinces increased the pension with effect from 1st July 2023 @ 17.5% of the nest pension. However, only Punjab Government raised the pension by 5% only. Finance Division issued a Notification Pension Increase 2023 Federal @ 17.5% on 05-07-2023.
With the increase in monthly salaries and other allowances after presenting the budget 20203-2024. The government of Punjab also announces an increase in pensioners in Punjab. The government of Punjab approves sanctioning a 5% increase in the pension of all retirees.
Rate of Enhancement in Pension Punjab
- 5% increase for retired government employees/civil pensioners Up to 80 years of age.
- 20% increase in pension of retired government employees/civil pensioners who are over 80 years of age on 1st July 2023.
- 15% increase in pension vide Para (12-i) letter issued on 11th July 2011.
- 5% increase in pension vide Para (01) letter issued on 23rd July 2015.
- 15% increase in pension vide Para (02) letter issued on 21st July 2022. This rate is only for those retirees who will retire after 1st July 2023.
Terms and Conditions
- Government approves a 5% increase in pension according to rules. This 5% increase is admissible to the pensioner who will retire after the first of July 2023.
- According to the letter the Net Pension means Straining the amount of pension after subtracting medical allowance.
- The increase is also admissible to the family pension. For this, the finance department follows the pension gratuity scheme in 1954 and liberalized pension rules in 1977.
- If the government of Punjab shank sanctioned gross pension to any retiree. And if the retiree shares it with another government, then the increase in pension is proportionate between both governments.
- This is not admissible on special additional pension in lieu of pre-retirement orderly allowance.
- The benefit of the increase is also admissible to civil pensioners of Punjab residing abroad. The residents of Bangladesh and India are not entitled to receive this increase in allowance. The payments are provided at an applicable rate of exchange.
Finance Department is working on the issuance of payroll for the month of July 2023.