The competent authority further addressed the attendees by announcing the increase in the salaries of all permanent employees as per the Government of Pakistan policies, where a 15% increase in salaries will be implemented effective from 1st July 2022.
The honorable Vice Chancellor also congratulated the contractual employees who will be awarded a 5-10%increase in their salaries.
Similarly, the competent authority announced an increase of 5-10% in the salaries of the employees on daily wages as well. In addition to that, the medical allowance for contractual and daily wages employees was also announced.
The honorable Vice Chancellor reiterated the impact of the harsh economic conditions of the country and his commitment to facilitate the institute in every possible manner, wherever allowed by the rules.
In this regard, the competent authority also announced a reduction in student tuition fee for the students. It is believed that these measures will greatly help the parents during these challenging times and will also enable a more inclusive and meritorious system in the institute.
It was also mentioned that despite the on-going civil projects, salary increments (PKR 40 million per annum), medical allowances (PKR 2.5 million per annum) and reduction in student’s tuition fee (PKR 4 million this fiscal year), and the award of two ex gratias for both EIDs, amounting over 15 million PKR (as per the previous practice of last 10 years), NFC IET Multan witnessed a 57.79 million surplus budget in (2023 – 2024), which is 3.3 million more as compared to the previous year (2022 – 2023).
It is pertinent to mention that despite the on-going civil projects of PKR 550 million, and the said allowances (as discussed above), it is projected that on 1st July 2024 NFC IET Multan will maintain its fixed reserves as that of 1st July 2022.
The facilitations and value additions while maintaining the institute’s fixed reserves is a clear indication of detailed planning, transparent execution of funds, and carefully curated long-term planning for the betterment of the institute.