7th pay commission: Hopes of central government employees rise; this is why
7th pay commission: The hike of 2.57 times took the minimum salary to Rs 18,000 while the demanded hike of 3.68 times will power the minimum salaries to Rs 26,000.
7th pay commission: Central government employees are getting salaries according to the 7th pay commission which had recommended a hike as per the fitment factor of 2.57 times. However, the employees have been demanding a hike above and over the 7th CPC recommendation for years now. The employees have been demanding a salary hike as per the fitment factor of 3.68 times. The hike of 2.57 times took the minimum salary to Rs 18,000 while the demanded hike of 3.68 times will power the minimum salaries to Rs 26,000. Their requests have been ignored so far, but hope is rising again.
The central government employees were disappointed as they are yet to receive any official communique regarding their demands. However, some critical recent developments have raised their hopes very high again. The most recent announcement that has raised hopes is that of the Madhya Pradesh government concerning 7th pay commission. Just 3 days ago, the MP government has announced the implementation of the pay hike from January 1, 2016. This means the employees will get 32 months arrears as well.
This follows a series of developments, where BJP ruled states have implemented the recommendations of 7th pay commission for their employees. States like Tripura, Maharashtra and other states have announced a hike in salaries of their employees.
Since Madhya Pradesh is going to polls later this year, the news of government employees salary hike has raised the hope of central government employees as well. While some states are going to polls this year, the Lok Sabha polls will be held next year and that has added to the urgency regarding pay hikes at the Centre. There are about 48.41 lakh central government employees and 61.17 lakh pensioners.
Watch This Zee Business Video
Notably, the central government has recently hiked the dearness allowance by two per cent taking the total to 9 per cent. While that is welcome news, it was done as per the recommendations of the 7th pay commission report. The employees are hopeful that their demands may be fulfilled before the general elections.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
12:56 PM IST