Overview
Exciting news has emerged regarding the Benazir Income Support Program (BISP) as the new budget for 2024-25 has been approved, bringing a substantial increase in the financial assistance provided to beneficiaries. This update not only raises the monthly installment amount but also enhances the educational allowance for children. The budget allocation for BISP has been set at an impressive 593 billion rupees, reflecting a 27% increase that will benefit recipients over the next two years.
Payment Increase
The significant change in the new budget is the increase in the monthly installment for beneficiaries. Previously set at 10,500 rupees, the installment will now be raised to 13,000 rupees. This increment is designed to help women and their families cope with rising living costs and improve their quality of life. The increase will be phased in over the current year, with the full amount being implemented by the next year, ensuring consistent support for the beneficiaries.
Expansion of Benazir Taleemi Wazaif
The educational scholarships under the Benazir Taleemi Wazaif program will also see a notable increase. An additional 10 lakh children will be added to the program, ensuring that more students receive the financial support they need for their education. Mothers of these children will also receive increased payments to assist with their educational expenses.
The current stipends for children will be raised as follows:
- The stipend of 3,000 rupees will increase to 3,500 rupees.
- The stipend of 2,500 rupees will rise to 3,000 rupees.
These increments aim to alleviate the financial burden on families and promote better educational outcomes for children.
Changes for Surveyors and Disqualified Individuals
The new budget also addresses the concerns of surveyors and previously disqualified individuals. Those who become eligible through updated surveys will see their installments increased from 10,500 to 13,000 rupees. This adjustment ensures that all qualified beneficiaries receive the full benefit of the program.
PMT Score Adjustments
In an effort to include more people in the BISP program, the government plans to increase the PMT (Poverty Measurement Tool) score threshold from 32 to 35. This change will allow more families to qualify for assistance, helping those who were previously deemed ineligible due to their PMT scores. The increased threshold will bring many beneficiaries back into the eligible list, ensuring they continue to receive financial support.
Phase Three Payment Schedule
The payment schedule for Phase Three of the BISP program has been announced. While the second phase is still ongoing and recipients continue to receive payments, the third phase will commence soon. Beneficiaries in the third phase will be able to withdraw their increased installments, with the new amount of 13,000 rupees being available by the next July installment. For now, the current installment remains at 10,500 rupees, but the increased amount will be implemented in the coming months.
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Conclusion
The new BISP budget for 2024-25 brings significant financial relief to beneficiaries through increased monthly installments and enhanced educational stipends for children. With a budget allocation of 593 billion rupees and a 27% overall increase, the program is set to positively impact millions of families. The adjustments in PMT scores and the inclusion of additional beneficiaries reflect the government’s commitment to supporting vulnerable populations and improving their living conditions. Beneficiaries are encouraged to stay informed about the upcoming changes and take full advantage of the increased financial support provided by the Benazir Income Support Program.