Lahore, 11th June: The federal budget of Rs 8,000 billion for a new financial year will be presented today, where the salary hike likely to be 25%, Rs 1330 billion for defense, tax collection target of Rs 5829 billion was proposed. The government will present a budget worth about Rs 8,000 billion for the new financial year in Parliament tomorrow (Saturday) in which salaries are likely to be increased by up to 25 percent. According to the details, the federal government will present a budget of around Rs 8,000 billion for the new financial year 2020-21 in the parliament. Prior to the presentation, the budget will be approved in a special meeting of the Federal Cabinet chaired by the Prime Minister and a final decision will be taken to increase the salaries and pensions of government employees. The overall pay hike is expected to be 25%. The basic salary will be increased by 10 to 15 percent and the rest will be given as ad hoc relief. According to Finance Ministry sources, the federal budget is more than Rs 8,000 billion, of which Rs 3,105 billion is for interest payments, Rs 1,330 billion for defense and Rs 5,829 billion for … Continue reading Federal budget of Rs 8,000 billion for new financial year unveiled