ISLAMABAD, June 6: The government on Tuesday announced a 0.36-0.57 per cent increase in return on savings schemes and improved rates of payment to be paid to workers under the Workers’ Welfare Fund.
Adviser to prime minister on finance Dr Salman Shah said at a news conference that the rate of return on special savings certificates had been increased from 8.6 per cent to 9.17 per cent, up by 0.57 per cent.
The return on regular income certificates was raised by 0.36 per cent to 9.24 per cent from the existing 8.88 per cent.
The profit on defence savings certificates was improved by 0.54 per cent to 10 per cent form the existing rate of 9.46 per cent.
Returns on pensioners’ benefit account and behbood savings certificates were enhanced by 0.48 per cent to 11.52 per cent from the current rate of 11.04 per cent.
The return on savings accounts was improved by one per cent to six per cent instead of the existing five per cent. Also, the return on prize bonds rates was enhanced by 1.4 per cent to 6.5 per cent.
Dr Shah said the government had increased by 50 per cent the overtime of drivers and dispatch riders as well as the conveyance allowance of employees under grade 1-16.
The pension under the Employees Old Age Benefit Act was increased from Rs1,000 to Rs1,300.
The grant under the Workers Welfare Fund (WWF) for daughter’s marriage was enhanced to Rs50,000 from Rs30,000. The grant to heirs in case of the death of a worker was increased from Rs150,000 to Rs200,000. The monthly scholarship for workers’ children was increased to Rs1,000 from Rs800.
In the event of death of a government servant, the widow will receive a one-time grant ranging between Rs200,000 and Rs1 million, depending on the employee’s grade.
The widow will be allowed to retain the official accommodation allotted to the deceased for up to 3-5 years.
