The Khyber Pakhtunkhwa (KPK) government presented its annual finance budget for the fiscal year 2022-23, with a proposed budget of 1.332 billion rupees. The focus of the budget is on development, with an allocation of 350 billion rupees for this purpose. The KP Finance Minister announced an increase in the salaries of government employees by 16% and pensions by 15%. Additionally, the government has introduced a contributory pension scheme in the province, which will increase cash flow for the province.
In this article, we will delve deeper into the KPK government’s annual budget for the fiscal year 2022-23 and its impact on the people of the province.
Increase in Salaries and Pensions
The KPK government has announced an increase of 16% in the salaries of government employees and 15% in pensions. This is good news for government employees who have been struggling to make ends meet due to the rising inflation in the country. The increase in salaries and pensions will help them cope with the increasing cost of living.
Introducing Contributory Pension Scheme
The KPK government has introduced a contributory pension scheme in the province. Under this scheme, 10% of the basic salary of government employees will be added to their pension fund on a monthly basis. This will increase the cash flow for the province and ensure a secure future for government employees after retirement. This is a step in the right direction and will go a long way in ensuring the financial security of government employees.
The target for tax collection revenue and non-tax revenue is set at Rs. 4.3 billion. This is an ambitious target, but if achieved, it will increase the revenue of the province and enable the government to allocate more funds for development and social welfare projects.
Allocation of Funds for Salaries
The KPK government will spend Rs. 447.9 billion on salaries. This is a significant amount and shows the government’s commitment to its employees. The increase in salaries and pensions will help boost morale and motivate employees to work harder, which will ultimately benefit the people of the province.
The KPK government’s annual finance budget for the fiscal year 2022-23 is a positive step towards the development of the province. The allocation of funds for development and the increase in salaries and pensions of government employees will have a positive impact on the people of the province. The introduction of the contributory pension scheme is also a commendable initiative that will ensure the financial security of government employees after retirement. The revenue targets are ambitious, but if achieved, they will go a long way in increasing the revenue of the province and enabling the government to allocate more funds for development and social welfare projects. Overall, the budget is a step in the right direction and will hopefully lead to the prosperity and well-being of the people of Khyber Pakhtunkhwa.