7th Pay Commission: Central Government Employees Likely To Get DA Hike Ahead of Diwali 2024, Say Reports
Central government employees eagerly await an announcement on the Dearness Allowance ( DA) hike in line with the 7th Pay Commission. However, their wait might come to an end soon, as the Government is likely to announce a DA Hike under the 7th Pay Commission ahead of Diwali 2024, according to reports.
Mumbai, September 30: Central government employees eagerly await an announcement on the Dearness Allowance ( DA) hike in line with the 7th Pay Commission. However, their wait might come to an end soon, as the Government is likely to announce a DA Hike under the 7th Pay Commission ahead of Diwali 2024, according to reports. Meanwhile, no official announcement regarding the DA hike has yet been made.
If reports are to be believed, the central government is expected to announce a DA Hike for government employees in line with the 7th Pay Commission in October. The DA Hike usually happens around Diwali every year. Media reports, citing sources, said the government may announce a 3% to 4% DA hike in October, just ahead of Diwali. 7th Pay Commission: How Much Will Salary of Central Govt Employees Increase After DA Hike? Check Details.
What is Dearness Allowance (DA)
Dearness Allowance (DA) is a percentage of the basic salary paid to employees to offset the impact of inflation on their cost of living. It is adjusted periodically, usually every six months, to account for changes in the cost of living index.
How DA Hike is Calculated?
The DA (Dearness Allowance) hike refers to an increase in the allowance given to government employees to help offset inflation and rising living costs. This periodic adjustment aims to provide financial relief to government workers. An employee with a monthly salary of INR 30,000 and a basic pay of INR 18,000 currently receives a DA of INR 9,000, which is 50% of their basic pay. 7th Pay Commission News Update: DA Hike on Cards for Central Govt Employees, Check Details.
Current Situation:
Basic Pay: INR 18,000.
Current DA: INR 9,000.
Impact of DA Hike:
With a 3% hike, the New DA will be INR 9,540 (an increase of INR 540).
With a 4% hike, the New DA will be INR 9,720 (an increase of INR 720).
Historically, the government has strategically timed its Dearness Allowance (DA) hike announcements to coincide with major festivals. Typically, DA hikes for January are revealed around Holi in March, while those for July are announced close to Diwali. The Centre generally increases DA and dearness relief for both employees and pensioners twice a year, in January and July. These announcements are usually made in early March and October, aligning with the festive seasons to provide timely financial relief.
(The above story first appeared on LatestLY on Sep 30, 2024 09:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).