BISP Budget Approved 2023

BISP Budget Approved

BISP Budget approved Benazir Income Support Program budget approved for 2023-24. For FY-2023–24, the BISP Board approved a budget of over 471 billion. Islamabad – Tuesday, August 2, 2023, The 60th Board of the Benazir Income Support Program. (BISP) convened today at its headquarters in this city, under the chairmanship of Ms. Shazia Marri, Federal Minister, and Chairperson BISP, in an important development. 

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The Board convened to discuss the advancement of social protection policies and the empowerment of women. Attending the meeting were Mr. Amer Ali Ahmad, Mr. Yusuf Khan, and Additional Secretaries from the Finance and Economic Affairs Division (EAD), along with private members including Dr. Kaiser Bengali, Dr. Abid Qaiyum Suleri, Barrister Ayesha T. Haq, Mr. Haris Gazdar, and Dr. Amjad Saqib.

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BISP Budget Approved 2023

The Benazir Kafaalat Program, which will benefit 9.3 million families, the Benazir Nashonuma Program, which will help 1.5 million people, and the Benazir Taleemi Wazaif, which will help 9.2 million children, are all included in the record-breaking budget of Rs. 471 billion approved by the BISP Board for FY-2023–2024. Additionally, 6 billion have been set aside for Benazir Undergraduate Scholarships.

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The Board was also informed that the remainder of the budget, which is program-based, only accounts for 1.20% of the entire budget for personnel, including administrative costs. In summarizing the 2022–2023 revised estimates, it was noted that 99.98% of the Program’s money had been spent.

The board was also informed of the previous year’s results, which included an increase in the number of Benazir Kafaalat recipients from 7.6 to 9 million and an increase in the cash stipend per family from Rs 8750 to Rs 9000 every quarter.

The Board was informed that the number of beneficiaries of the Taleemi Wazaif Program had increased from 2.6 to 7.52 million and those of the Benazir Nashonuma Program had increased from 0.2 to 0.77 million.

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The board was also told that two significant actions had been authorized. One of the key choices made was to broaden the application of the just-instituted Benazir Social Protection Account. Due to its reliance on two banks and their agents, the Benazir Income Support Program’s current payment system had difficulties, which resulted in complaints and anomalies. 

The new model seeks to promote convenience and transparency while giving recipients more respect. Beneficiaries will be given the option to select the banks of their choice, enabling a beneficiary-centric approach with more autonomy. Technical Design Committee was tasked with overseeing the Hybrid Social Safety Net Program.

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BISP Budget Approved 

The board also adopted several agenda items that addressed long-standing concerns of BISP personnel. The board chose to align the compensation of its workforce with government regulations to support its employees. This choice was made in response to a long-standing request from the committed staff who work tirelessly to manage and implement the program. 

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These workers were doing their jobs without receiving any pension benefits. However, it was decided to implement the Contributory Pension Fund with a matching government contribution, which will ease the strain on the government exchequer.

The meeting’s chair, Ms. Shazia Marri, emphasized the government’s commitment to bolstering social protection efforts. She stressed that the BISP is committed to assisting the less fortunate. encouraging gender equality, and empowering women to take an active part in the development of their nation.

 

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