7th Pay Commission latest news today 2018:Is pay hike announcement near?

7th pay commission Latest News Today: The monsoon has been vigorous enough, the stock markets are rising to new highs virtually on a daily basis and the Indian economy is steadily soaring higher. A few dampeners like rising inflation and Reserve Bank of India (RBI) hiking repo rate to ensure price rise stays under control and GST collections not being up to the mark are very much there, but these have not gone on to sour sentiments in the business world. Indeed, the government treasury is well-endowed enough and likely to get better.

In this scenario, chances of the central government employees getting to hear some good news has risen. They have been long demanding that the Centre hike their pay. Will that happen? The fund outgo on hiking 7th pay commission report recommendations based salary hike is massive. There are almost 50 lakh central government employees and almost a similar number of pensioners involved. Their case is that inflation has inexorably eaten into their earnings and so, they deserve a pay hike to maintain their lifestyle.

Promises have been made by the ministers concerned over the last few years saying that the Centre would look at their demands favourably. But that vow is still to be fulfilled. Notably, no date was put by anyone to when this 'favourable' time would come. However, anxiety is rising among central government employees simply because the general elections are looming and if the decision to hike salaries is not taken soon, then the government will not be able to do so simply because of the poll rules not allowing any big announcements to be made. Rules state that announcement of new projects or programme or concessions or financial grants in any form or promises thereof, which have the effect of influencing the voters in favour of the party in power, is prohibited.    

Significantly, a big national holiday is looming and central government employees have pinned their hopes of getting a hike in 7th pay commission based fitment factor to 3.68 times.