7th Pay Commission: Ministry of Finance likely to take final call on minimum pay hike by January
The Ministry of Finance is planning to raise the minimum pay hike from Rs 18,000 to Rs 21,000 under 7th Pay Commission.
The central government employees may have to wait till January for the revised minimum pay under 7th Pay Commission, a media report said.
Earlier this month, there were several media reports which stated that the Ministry of Finance is planning to raise the minimum pay hike from Rs 18,000 to Rs 21,000 under 7th Pay Commission.
Now, The Sen Times have quoted a Ministry of Finance official saying that the Ministry will hike the minimum pay with increasing the fitment factor 3 times from 2.57 times. This revised pay will be paid from January next year and the minimum pay will be Rs 21,000 instead of Rs 18,000.
In June, the Ministry had fixed minimum pay at Rs 18,000 considering the fitment formula at 2.57. Now, the government may agree to raise fitment factor to 3 times.
Moreover, before the final call, the report mentioned that National Anomaly Committee will hold a meeting by the end of September or first week of October.
The discussion on raising the minimum pay came in after National Anomaly Committee felt the current minimum pay was not "helpful" for maintaining living standards.
Last year in September, the government had formed a 22-member National Anomaly Committee which was headed by Secretary of Department of Personnel and Training (DoPT). The committee was formed to look into the concerns of central government employees related to the minimum pay.
However, the central government employees unions have been demanding the rise in minimum pay to Rs 26,000 and raising fitment formula to 3.68.
ALSO READ:
- 7th Pay Commission: Central govt employees not to get arrears on revised minimum pay
- 7th Pay Commission: Central govt employees likely to get hike in minimum pay to Rs 21,000
- 7th Pay Commission: Govt wanted to "Save money" by delaying implementation, claims govt employees
- 7th Pay Commission: Odisha govt employees to get revised salary from September
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
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
05:08 PM IST