7th Pay Commission: Employees to Receive Massive Salary Hike After Holi 2023 As Central Government Likely to Take These Three Major Decisions, Check Latest News Update Here
Some major announcements are expected to be made with respect to central government employees after Holi 2023. Important decisions regarding fitment factor, Dearness Allowance (DA) hike and salary revision may be taken on 7th pay commission recommendations.
Delhi, February 12: Some major announcements are expected to be made with respect to central government employees after Holi 2023. Important decisions regarding fitment factor, Dearness Allowance (DA) hike and salary revision may be taken on 7th pay commission recommendations.
The finance ministry has recently updated the house rent allowance (HRA) rules for central government employees under the 7th Pay Commission recently. 7th Pay Commission: DA Likely to Be Hiked by 4% in March, Here’s How Much Salary Will Increase.
Salary Revision
With one year left for the 8th Pay Commission formation, the government may introduce a new formula for salary revision of the employees, according to reports. And, it is expected that this, every-year pay hike phenomenon is likely be to introduced after Holi 2023. 7th Pay Commission: Government to Take Decision on Pending DA Arrears After Holi 2023? Check Latest News Update Here.
Fitment Factor
According to media reports, the base salary of the central government employees will likely increase after Holi 2023 as the center could take a decision on the pending fitment factor hike. Reports also suggested that the minimum pay of central government employees will be hiked from Rs 18,000 to Rs 26,000 after the hike in fitment factor.
Currently, central government employees are receiving their salary based on the fitment factor of 2.57 percent but the government employees are demanding it to be raised to 3.68 percent from 2.57 percent.
DA Hike
Media reports also suggest that the Centre is also likely to hike the dearness allowance (DA) of government employees in March 2023, effective January 1. Last year, the central government increased DA by 4 percent in September, hence taking the DA from 34 percent to 38 percent. This time also government may hike DA by 4 percent.
The government might also raise dearness relief (DR) for pensioners. The central government will soon announce its decisions on all of the above mentioned factors.
(The above story first appeared on LatestLY on Feb 12, 2023 01:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).