Upper Middle Class Income In Pakistan
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Upper middle class income in pakistan. This is the average monthly salary including housing transport and other benefits. The world bank assigns the world s economies to four income groups low lower middle upper middle and high income countries. Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings. July 2019 new july 2018 old low income.
This demonstrates the fairly highly level of income inequality in pakistan. Updated country income classifications are available here. Less than 16 of middle class people pay income tax. Salaries range from 20 700 pkr lowest average to 365 000 pkr highest average actual maximum salary is higher.
It can be bifurcated into the upper middle and lower middle class with each representing a group whose economic choices vary from one another. Interestingly even though pakistan has 5 7 of their adult population as middle class only 0 9 pay income tax i. Of the view that the middle class is expanding dr hafeez pasha has analysed the latest household integrated economic survey hies data to conclude that the middle class has actually shrunk over the last 15 years. Salaries vary drastically between different careers.
They manage to save some money for retirement. An annual inhand income of 4 8 lacs. You are in upper class with this status to be middle class you need only one crore property and one lakh monthly income. But i shall try to summarize it for you.
Only savings are 80c ie 1 5 lacs for tax exemptions. 2019 in this case. Accordingly the per capita income of the middle class is 225 percent of the per capita income of the lower class bottom two quintiles and 27 percent of the income of the upper class top quintile. The classifications are updated each year on july 1 and are based on gni per capita in current usd using the atlas method exchange rates of the previous year i e.
Your question is the subject of a book on pakistan s micro economics.
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