Connect with us

Business

Govt enforces monetisation policy, ceases complimentary electricity for officials

Published

on

  • Officers will receive monetary compensation instead.
  • CCoE decided regarding monetisation policy on Oct 26.
  • Grade 21 officers will receive Rs55,536/month.

ISLAMABAD: The federal government has decided to discontinue the provision of complimentary electricity units to officers of Grade 17 and above in power-related companies as of December 1, The News reported on Wednesday.

These officers will now only receive monetary compensation through their salaries instead.

The decision was made by the Cabinet Committee on Energy (CCoE) on October 26, 2023, and was subsequently approved by the federal cabinet. The Energy Ministry (Power Division) officially communicated the implementation of this resolution on Tuesday.

The move, titled “Monetisation of Free Electricity Units Admissible to Employees of WAPDA and XWAPDA Companies (DISCOs), power generation companies (GENCOs), National Transmission and Despatch Company (NTDC), and Power Information Technology Company (PITC),” mandates all in-service employees in Grade-17 and above to pay their electricity bills issued by the respective DISCOs. The reference numbers for these bills are already available with the DISCOs.

Details of the revised compensation for Grade 17 to Grade 21 officers in WAPDA, DISCOs, NTDC, and PITC indicate that Grade 17 officers, formerly receiving 450 free units monthly, will now receive Rs15,858 per month. Grade 18 officers, instead of the previous 600 free units, will now receive Rs21,996 per month.

Compensation for Grade 19 officers, in place of 880 free units, will be Rs37,594/month. Grade 20 officers will now receive Rs46,992/month instead of the earlier 1,100 free units, while Grade 21 officers will be compensated Rs55,536/month instead of the previous 1,300 free units monthly.

For officers attached to generation companies (GENCOs) and power generation stations, Grade-17 officers will receive Rs24,570 per month instead of 650 free units.

Grade 18 officers will be given Rs26,460/month instead of 700 free units, and Grade 19 officers will receive Rs42,720/month instead of the earlier 1,000 free units. Grade 20 officers will be compensated Rs46,992/month instead of the previous 1,100 units, and Grade 21 officers will receive Rs55,536/month instead of the earlier 1,300 free units.

The initial proposal did not include WAPDA employees, but after discussions held at a meeting in the Prime Minister’s Office on August 27, 2023, and attended by the chairman WAPDA, they have now been incorporated into the revised arrangement.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

on

By

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Continue Reading

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

on

By

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

Continue Reading

Business

Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

Published

on

By

Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

Continue Reading

Trending