7th Pay Commission Latest News Today: Decision on DA Hike Likely on January 31, Increase of 3% Expected
Every year, the Centre increases dearness allowance twice - first in January and then in July. Last year, the Centre raised the DA in March and then six months later in September.
Mumbai, January 17: Central government employees under the 7th pay commission who are eagerly awaiting updates on DA hike and several other issues may receive some good news. The Narendra Modi-led government is expected to take decision on Dearness Allowance hike, Fitment factor raise among others post Budget 2023 . However, there is no official announcement as yet.
According to a report in Zee News, news about the next DA hike could gain momentum post January 31 once the Labor Ministry comes out with the All India Consumer Price Index (AICPI) figures. 7th Pay Commission Latest News: Salary Hike for Central Govt Employees Likely After Budget 2023 As Centre May Raise Minimum Pay.
It must be noted that dearness allowance for central government employees under 7th CPC is calculated on the basis of the AICPI index. Every year, the Centre increases dearness allowance twice - first in January and then in July. Last year, the Centre raised the DA in March and then six months later in September.
Meanwhile, the AICPI figures for November 2022 was 132.5. According to various media reports, if the upcoming AICPI figure remains same then there would be a 3 percent DA hike. If a 3 percent DA hike is approved, then the dearness allowance of central government employees will be 41 percent. 7th Pay Commission: Central Government to Decide on Fitment Factor Hike After Budget 2023? Check Latest News Update Here.
However, if the inflation rate goes high then there could be a DA hike of 3 to 5 percent. A 5 percent DA hike would take the dearness allowance raise to 43 percent from the current 38 percent.
(The above story first appeared on LatestLY on Jan 17, 2023 01:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).