The Pay Commission today submitted its 7th Pay Commission report to Finance Minister Arun Jaitley recommending a 23.55 percent hike in allowance, pays and pensions.
The Pay Commission headed by Justice Mathur today submitted its 7th Pay Commission report to Finance Minister Arun Jaitley recommending a 23.55 percent hike in allowance, pays and pensions.
The breakup of the hike is as such: 16 percent increase in pay; 24 percent increase in pension; 63 percent increase in allowances.
The report recommends a minimum basic pay for central government staff of Rs 18,000 with a maximum pay of Rs 2.25 lakh per month.
Addressing the media post Justice Mathur’s comments, Jaitley said the 7th Pay Commission recommendations would have a 0.65 percent impact on the gross domestic product (GDP).
The FM said the Commission report will impact 47 lakh serving government employees and will have a Rs 1.02 lakh crore monetary impact. Of this amount, Rs 74,000 crore will be the additional cost on Union Budget and Rs 28,000 crore on Railway Budget.
Jaitley said, “The government will now create an Implementation Secretariat that will start work on this soon. A separate Empowered Committee too will be created to help implement this Pay Commission. We hope to take a final decision on this soon.”
Stay tuned for more.