10 facts that 7th Pay Commission is likely to mention in its report

10 facts that 7th Pay Commission is likely to mention in its report

The Seventh Pay Commission headed by Justice AK Mathur will submit its report to Finance Minister Arun Jaitley today.

The recommendations will be considered by the Union Cabinet and if approved, it will be implemented with effect from January 1, 2016.

According to media reports, following 10 facts are likely to be part of these recommendations:

1. The commission is likely to recommend a nearly 15 per cent hike in basic salary plus increase in DA and allowances like HRA.

2. The total increase will be 22-23 percent of the gross salary (basic plus DA plus allowances).

3. The commission is also likely to propose a status quo on the retirement age of Central government employees. Retirement age for staff of Central government is 60 years.

4. The hike will push up the Central government’s salary bill by Rs 25,000 crore, 0.2 per cent of India’s GDP.

5. Experts say that the sales of homes, cars, two-wheelers and other electronic items are likely to pick up once the recommendations are implemented.

6. Over 50 lakh Central government employees and 54 lakh pensioners will be benefited.

7. The 15 per cent hike in basic salary is much lower than the 35 per cent hike employees got in the Sixth Pay Commission.

8. The 7th Pay Commission was set up by the UPA government in February 2014 to revise remuneration of Central government employees and pensioners.

9. The Union Cabinet had extended the term of the 7th Pay Commission in August by four months, till December.

10. The Central government constitutes the pay commission every 10 years to revise the salary structure of its employees. The recommendations of the commission are also adopted by states.

source : indiatvnews.com