Increase Pension for Punjab Pensioners 2023
The Punjab Administration, Finance Division released a memorandum on 08-08-2023 regarding the Modified Announcement about the Augmented Uplift in Retirement Benefits 2023 at a rate of 17.5% for Punjab. As outlined in this announcement, individuals retired from service in the Punjab region will experience a rise in their pension by 17.5% of their total pension amount. The particulars are as follows:
Punjab Pensioners: New Notification 17.5% Pension 2023
The Punjab administration, in agreement with the Finance ministry, declares the pension raise for retired civil servants of the Punjab government.
Punjab’s Governor endorses a 17.5% pension hike for former government workers. This rise is authorized shortly after the approval of a 35% salary increase for active government staff. In an effort to alleviate economic challenges and the impact of inflation on household earnings and costs, the government opts to allocate a dedicated budget for this purpose.
17.5%/05%/20% Raise in Pension of Punjab Pensioners
The authorities have consented to provide a raise in the retirement benefits of government personnel who have concluded their service. This will be done in varying proportions, contingent upon the pensioners’ ages and their respective retirement periods. The following information elaborates on this matter.
Grant of 5% increase up to the Age of 80 Years of Pensioners
The Punjab administration declares a 05% surge in the distinctive instance of retirees. Every pensioner who attains the age of 80 is eligible to get this augmented pension on a monthly frequency.
Grant of 20 increases Above the Age of 80 Years of Pensioners
Every former public servant who dedicates their entirety to their respective ministries throughout the complete duration of their careers. Once they attain the age of 80 years on the 1st of July, 2023, the state declares a noteworthy 20% augmentation in their recurring retirement stipend. This elevation aids them in providing for their families during economic duress as well. Likewise, civilian retirees are also eligible for this endowment, subject to a 20% pension enhancement. The Treasury division will append this supplementary amount to their monthly pension commencing on the 1st of August, 2023.
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17.5% increase in Pension
The administration has declared a rise of 17.5% in monthly retirement funds, but not for every retired individual. This includes all public servants who conclude their service prior to August 1st, 2023 – they meet the criteria.
Those staff members who will retire on or after August 1st, 2023, do not meet the criteria. The 17.5% pension increase is not applicable to them. Concerning all retirees, all other stipulations remain unchanged. According to the communication dated August 18, 2023
Prior to this, the Punjab Government released a notice concerning the pension increment in 2023, calculated at 5% of the total pension. Presently, the Government needs to re-release the notice with certain adjustments. The principal adjustment is the elevation of the pension to 17.5% for the present pensioners.
