All eyes are on ruling Pakistan Tehreek-e-Insaaf (PTI) as it will be presenting the Annual Budget 2021-22 tomorrow (Friday). The budget has been prepared considering the impact of the pandemic on the people and businesses after the notable pick in economic activities.
Every year the government employees wait for the Budget as this is the time when they hope government can do something for the employees. The shopkeepers, businessmen, etc adjust themselves as per the prices /rates in the market at any time.
These are only government employees that can do nothing and face the increase in rates of the utilities. Their all expectations are from the budget. They are just hearing various news regarding an increase in salary in Budget 2021-22. They hear the same every year but at the announcement of the budget, they get nothing or a minor.
According to some reports, the government has decided to increase salaries of Federal employees in the range of 15 to 20 percent with the purpose to reduce disparity. Within the bureaucracy such as public sector employees working into PM and President Secretariat, NAB, FBR, FIA and judiciary are getting double salaries but other employees are facing difficulties.
Sources also claimed that the government is considering the introduction of contributory pension system for new recruits to minimise the pension bill. Under the proposal, they added, a separate pension contributory fund could be created for which the World Bank might provide the seed money.
An allocation of Rs400 billion is being set aside in the budget for subsidies. The defence budget is estimated at over Rs1300 billion for the next fiscal year. Finance Minister stressed the need for speeding up the process of disbursement of loans to youth under the scheme. The government may also increase the limit for loans.
A recent survey shows that an overwhelming 94 percent of people are unaware of economic indicators such as GDP growth, current account deficit and foreign exchange reserves. The masses are more concerned about inflation, unemployment, poverty, electricity prices, and the burden of taxes. This implies that people are seeking relief which can impact their lives.
The government should subsidise the poor and lower-middle classes through focused subsidies for helping them buy essential commodities and utilities without restricting the free play of market forces and market prices.
