Government of the Punjab, Finance Department has been issued an OM on the 08-08-2023 in connection with the Revised Notification Increase in Pension 2023 @17.5% Punjab. According to this Notification, the pensioners of the Punjab province will get an increase in pension @ 17.5% of their net pension. Details are as under:
New Notification Increase in Pension 2023 @17.5% Punjab
The government of Punjab with the consent of the Finance department announces the grant of an increase in pension to civil pensioners of the government of the Punjab.
Governor of Punjab approves 17.5% increase in pension of retired government employees. He sanctions this increase recently after approval of a 35% increase in monthly salaries of non-retiree government employees. As to provide relief from financial issues and inflationary effects on family incomes and living expenses government decides to allocate a specific budget for this.
Grant of 17.5%/05%/20% Raise in Pension of Punjab Pensioners
Government agrees to grant an increase in the pension of government retires employees in different percentages on the basis of the ages of pensioners and their retirements. Here is the detail about it.
Grant of 5% increase up to the Age of 80 Years of Pensioners:
The government of Punjab announces a 05% increase in the special case of pensioners. All pensioners who achieve the age of 80 are admissible to receive this increase in pension on a monthly basis.
Grant of 20 increases Above the Age of 80 Years of Pensioners:
All retired government employees who serve their departments their all services during the whole tenure of their jobs. And they reach the age of 80 years on 01st July 2023. Government announces a 20% best increase in their monthly pension. They can support their family too under financial pressure. Civil pensioners are also on the list to get this grant if increase 20% in pension. The Finance department will add this additional value to the monthly pension with effect from 01st August 2023.
17.5% increase in Pension:
Government announces a 17.5% increase in monthly pensions not for all retirees. T includes All government employees who retire before 01st August 2023 are eligible.
Those employees who are going to retire on or after 01st August 2023 are not eligible. The increase of 17.5% in pension is not admissible to them. For all pensioners, all other terms and conditions remain the same. As per letter of 18-08-2023.
Before this Punjab Government issued the Notification increase in pension 2023 @ 5% of the net pension. Now the Government has to re-issue the notification with some amendments. The major amendment is a 17.5% pension instead of a 5% pension for the current pensioners.