While presenting the Union Budget 2018, Finance Minister Arun Jaitley on Thursday announced that the President's monthly salary will be increased to ₹5 lakh from the earlier ₹1.5 lakh. Further, the Vice President's monthly salary will be increased to ₹4 lakh from ₹1.25 lakh. The government has proposed a law to automatically revise MPs' salaries every 5 years.