7th Pay Commission: DA hike announcement likely on THIS day, check how much your salary will increase
7th Pay Commission, DA hike announcement: There is a set formula on the basis of which the DA hike is calculated. This time the dearness allowance hike is expected to be around 4 per cent.
7th Pay Commission, DA Hike Announcement News: There is some good news in the offing for government employees as the Central government is likely to announce the hike in the dearness allowance (DA) soon. Reports suggest that the announcement in this regard can be made on Wednesday i.e. March 22, which coincides with the beginning of Chaitra Navratri, during which people will worship the goddess Durga in her nine different manifestations. This is because the Union Cabinet is scheduled to meet on March 22, which marks the beginning of the nine-day festival.
What track record suggests?
It has been the trend so far that the government announces the dearness allowance or DA in the month of March. This is revised twice, usually in the months of January and July and the announcement regarding the hike in DA is made in the month of March. It is to be noted that the payout is also done generally in March.
How much DA hike is expected this time?
There is a set formula on the basis of which the DA hike is calculated. This time the DA hike is expected to be around 4 per cent. At present, the central government employees and pensioners get a 38 per cent dearness allowance and dearness relief, respectively.
ALSO READ | Wealth creation pick: Anil Singhvi recommends buying THIS stock
The last DA hike was announced by the Central government on September 28, 2022. It was effective from July 1, 2022.
How much will the salary of employees increase?
The dearness allowance is calculated as a proportion of the basic salary. With the increase in DA, the take-home salary of government employees will also increase. If the basic salary of a central government employee is Rs 25,500 per month, he must be getting the dearness allowance of Rs 9,690 - on the basis of the current DA of 38 per cent. Now when DA jumps to 42 per cent, the DA will rise to Rs 10,710. This means the salary will increase by Rs 1,020 (Rs 10,710 - Rs 9,690).
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?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
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
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
09:59 AM IST