7th Pay Commission Latest News Today: After DA Hike, Here's Another Good News for Central Government Employees
Here is another piece of good news for central government employees who get salary and allowances as per the recommendations of the 7th Pay Commission or 7th CPC.
New Delhi, August 10: Here is another piece of good news for central government employees who get salary and allowances as per the recommendations of the 7th Pay Commission or 7th CPC. After increasing the rate for dearness allowance or DA, the Centre has extended the benefits under the House Building Advance (HBA) scheme for its employees till March 2022. 7th Pay Commission Latest News Today: DA Hiked to 28%, Here's How Much a Central Government Employee's Salary Will Increase.
Under the House Building Advance scheme, central government employees can get loan to buy home at the interest rate of 7.9 percent. After the Centre extended the deadline, any government employees who wants to buy a house can now get home loan till March 2022, according to a report by DNA. It may be noted that currently, employees in 'X', 'Y' and 'Z' cities get 24 percent, 16 percent and 8 percent of their basic pay as house rent allowance or HRA under the 7th Pay Commission.
Under the HBA scheme, the DNA report said, a central government employee can also take advance to build a house on his own or his wife's plot. Following the extension, central government employees can now get the House Building Advance at the interest rate of 7.9 percent till March 31, 2022. According to another report by DNA, the government may also revise HRA after hiking DA, under the 7th Pay Commission.
The Department of Expenditure had on July 7 in 2017 issued an order stating that when the dearness allowance crosses 25 percent, the house rent allowance would be revised, the report said last month. Central government employees now get 28 percent of their basic pay as DA, under the 7th Pay Commission. Therefore, the HRA could be increased too. However, no official announcement has been made in this regard.
(The above story first appeared on LatestLY on Aug 10, 2021 11:32 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).