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The Seventh Central Pay Commission has suggested a 23.55% hike in the salaries and pensions of over 45 lakh government employees and 52 lakh people who have retired. 
 Panel headed by Justice AK Mathur submitted the recommendations to <keyword id="6391015" type="UNKNOWN" weightage="20" keywordseo="Finance-Minister-Arun-Jaitley">Finance Minister Arun Jaitley</keyword>. A pay commission is constituted every decade to revise the salary scales of government employees. 
 
The salaries are adjusted for inflation every year through Dearness Allowance and the pay and pension components are hauled once in a decade. 
In the report, the panel has suggested an increase of 16% in pay, 63% in allowances and 24% in pensions. This adds up to Rs 1.02 lakh crore in FY16, which will have a financial impact of Rs 73,650 crore on Union Budget and Rs 28,450 crore on Railway Budget. 
 
Experts point out that the 7th Pay Panel’s recommendations will have an effect on fiscal consolidation plans. The forecast of Indian economy’s growth is 7.5% in the current year. 
 
The Pay Panel has recommended that minimum pay for government workers should be Rs 18,000 per month, an increase of 14.33% and maximum pay in the apex scale, drawn by secretaries, should be fixed at Rs 2.25 lakh per month and that for the cabinet secretary at Rs 2.5 lakh. 
 Meanwhile, the <keyword id="1482858" type="ORGANIZATION" weightage="20" keywordseo="Seventh-Pay-Commission">seventh pay commission</keyword> also suggested a revised pension formulation for non-military personnel including the Central Armed Police Forces as well as for defence staff who retire before January 1, 2016. 
 
(Image: Thinkstock)

Central government employees cheer as 7th Pay Commission recommends 23.55% hike in salaries

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

There is no need for central government employees to visit banks to start <keyword id="6354432" type="UNKNOWN" weightage="100" keywordseo="Pension">pension</keyword> as their copy of the Pension Payment Order (<keyword id="666240" type="ORGANIZATION" weightage="20" keywordseo="ppo">PPO</keyword>) will be handed over to them at the time of retirement, the <keyword id="1505083" type="ORGANIZATION" weightage="20" keywordseo="personnel-ministry">Personnel Ministry</keyword> has said, according to PTI. Citing existing rules in this regard, the ministry, in a recent order issued to all central government departments, has said, "The pensioner is no longer required to visit the bank to activate the first payment of pension." The rules also provide for an undertaking to be submitted by the retiring government servants or pensioners to the disbursing banks before the commencement of their pensions. After ascertaining that the bank's copy (of PPO) has been dispatched by the <keyword id="2071133" type="ORGANIZATION" weightage="20" keywordseo="central-pension-accounting-office">Central Pension Accounting Office</keyword>, the pensioner's copy is to be handed over to him at the time of retirement along with other retirement dues, the order said. An employee posted at a location away from the head of office, or who for any other reasons feels that it would be more convenient to him to obtain his copy of the PPO from the bank, may inform the head of office of his option in writing while submitting his pension papers, it said. In the recent past, many instances have come to the notice wherein the pensioner's copy of the PPO had not been handed over to him/her and instead had been sent to the bank and was lost in transit sometimes, thereby causing hardship to the pensioner, the order issued on August 1, said. In view of these, all ministries/departments are once again requested to strictly follow the procedure henceforth and hand over the copy of the PPO to the pensioner at the time of retirement along with other retirement dues, except if the pensioner specifically requests for delivering his/her copy of the PPO through the bank, it said. There are about 48 lakh central government employees and about 53 lakh pensioners. The pension gets delayed either due to the delay in receipt of intimation by the pensioner that relevant papers have reached the bank or because of delay on the part of the pensioner in approaching the bank for submission of undertaking, the personnel ministry had said in one of its earlier orders.

Government employees to be handed over Pension Payment Order at the time of retirement

New Delhi, Apr 25 () Current and retired employees of BSNL have opposed the government's decision to freeze dearness allowance (DA) for 18 months, starting January 1, 2020. All India BSNL-DOT Pensioners Association (AIBDPA), representing more than one lakh of pensioners retired from Department of Telecom and BSNL, on Saturday said that their members have already contributed to the Prime Minister and Chief Minister's relief funds according to their ability and deduction will put pensioners to extreme difficulty. The BSNL Employees' Union (BSNL EU) called the move a retrograde action and a "big attack on the livelihood of the central government employees and pensioners" while denouncing the action of the government.Both bodies alleged the government of favouring corporates by way of giving loan waivers, tax rebates, etc and questioned the decision of DA freeze which adversely impacts many low income employees."Government has waived bad loans worth Rs 5.5 lakh crore. An overwhelming portion of these bad loans were defaulted by the big corporates. By waiving the bad loans so massively, the government had only facilitated the big corporates to loot people's money. In view of the foregoing, BSNL EU wishes to state that the DA freeze imposed on the central government employees and pensioners is most unjustified," BSNL EU said.AIBDPA said that the government-run BSNL has stopped medical allowance and reimbursement of medical treatment expenses for the last two years on the plea of lack of funds and the pensioners are dependent upon their meagre pension. "Many of these pensioners draw minimum pension which is insufficient even for day to day expenses. It is at this crucial time that the decision to freeze DR (dearness relief) for 18 months has been issued. This amount will increase according to the increase in pension which will put the pensioners to extreme difficulty," the retired employees' body said. According to AIBDPA, the DR cut will be about Rs 17,000 (for the 18-month period) or more for a pensioner getting about Rs 10,000 monthly pension. PRS MKJ

BSNL employees oppose govt decision to freeze DA hike

The Union <keyword id="6355513" type="General" weightage="20" keywordseo="cabinet" source="Orion">Cabinet</keyword> on Wednesday approved a four per cent increase in <keyword id="6429991" type="General" weightage="50" keywordseo="dearness-allowance" source="Orion">Dearness Allowance</keyword> (DA) for Central government employees and Dearness Relief for pensioners. Briefing reporters about the decisions of the union cabinet, Information and Broadcasting Minister <keyword id="6364468" type="General" weightage="50" keywordseo="anurag-thakur" source="Orion">Anurag Thakur</keyword> said the decision will be implemented from July 1 this year. "Dearness Allowance for Central government employees and Dearness Relief for pensioners has been increased by 4%. The <keyword id="663200" type="General" weightage="60" keywordseo="DA-hike" source="Orion">DA hike</keyword> will be implemented from 1, July 2023," he said. The decision will benefit 48.67 lakh Central Government Employees and 67.95 lakh pensioners. The minister said the decision has come in the festival season and will benefit both the central government employees and pensioners. Generous bonus for railway employees The Cabinet has also granted approval for a Productivity Linked Bonus (PLB) that amounts to 78 days wages for eligible non-gazetted Railway employees. This bonus is for the financial year 2022-23 and will benefit a wide array of railway staff, including Track maintainers, Loco Pilots, Train Managers (Guards), Station Masters, Supervisors, Technicians, Technician Helpers, Points man, Ministerial Staff, and other Group 'C' staff, excluding Railway Protection Force (RPF)/ Railway Protection Special Force (RPSF) personnel, read the press release issued by Cabinet. This move comes in recognition of the outstanding performance of the railway employees throughout the financial year 2022-23. The Union Government has sanctioned a PLB totalling Rs 1,968.87 crores, which will be disbursed to approximately 1,107,346 railway employees, read the press release. (This copy will be updated)

Dearness allowance of central government employees hiked by 4%

<ul><li>The Union government is likely to double or even triple the minimum monthly <keyword id="6354432" type="UNKNOWN" weightage="20" keywordseo="Pension">pension</keyword> of retired organised sector employees. </li><li>The recommendation for the same was made by a three-member committee constituted by the labour ministry. </li><li>The central board of EPFO, and the committee are expected to deliberate upon the way to go about the committee’s recommendation on Monday and Tuesday.</li></ul>Pensioners now have one more thing to be happy about besides not having to work through this terrible summer. The Union government is <a href="https://www.livemint.com/Politics/gQ2c7DqE4FL6hiJtE4wCBK/Govt-to-double-minimum-pension-for-organized-sector-employee.html">likely </a>to double or even triple the minimum monthly pension of retired organised sector employees. The recommendation for the same was made by a three-member committee constituted by the labour ministry, three months ago. As per the committee, the existing minimum pension of ₹1,000 per month should be immediately raised to ₹2,000 and further deliberations should be made on the possibility of increasing it upto ₹5,000. A ₹1,000 pension per month means as little as ₹33 per day which, considering the high cost of living, is insufficient even for a rural pensioner. The Union Cabinet had approved ₹1,000 as the minimum pension in 2014 and had later extended it upto 2015. From then onwards, it has never been revised. The issues of pension are undertaken by Employees' Provident Fund Organisation (EPFO) that is the institution that manages social security funds of workers in the (semi) organised sector in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. All establishments across the country that are ‘organised’ or have 20 or more employees whose basic wages are up to ₹15,000 are covered under the social security schemes run by this institution. Each month, an organised sector employee contributes 12% of his basic salary to EPFO as provident deduction, and the same amount is contributed by the employer. From the employer’s contribution,<a href="https://economictimes.indiatimes.com/news/economy/policy/epfo-nod-likely-soon-for-minimum-rs-2k-eps-pension/articleshow/64724411.cms"> 8.33%</a> goes to employees’ pension scheme and the rest to the provident fund. The central board of EPFO and the committee are expected to deliberate on the way to go about with the committee’s recommendation over Monday and Tuesday. Though the decision is not final yet, the committee is strongly in favour of it. Ravi Wig, who is also a central board member of the EPFO, is hopeful that the labour ministry will stand in their favour since the previous additional secretary heading the committee has been promoted as the position of a secretary in the labour and employment ministry. Of the six million pensioners that fall under the <a href="https://epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EPS95_update102008.pdf">Employee’s Pension Scheme (1995)</a>, about four million get less than ₹1,500 per month while the government boasts of three trillion in its pension funds. Considering these figures, if the minimum pension is even doubled, it would help lakhs of pensioners, but it will also add <a href="https://www.businesstoday.in/current/economy-politics/minimum-pension-under-employees-pension-scheme-likely-to-be-doubled/story/279522.html">₹30 billion </a>to the government budget, annually.

Perks of the trade: India may double or triple minimum monthly pension

(Eds: Adding details) New Delhi, Apr 23 () The government on Thursday froze inflation-linked allowance for its 1.1 crore employees and pensioners, a move states are likely to replicate, helping save a combined Rs 1.2 lakh crore that could be used to combat the coronavirus crisis. Last month, the government had announced a 4 per cent increase in dearness allowance (DA) for its 50 lakh employees and 61 lakh pensioners beginning January 1, 2020. This was to cost Rs 27,100 crore in the current financial year 2020-21. "In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid," the Department of Expenditure said in an office memorandum. However, central government employees and pensioners will continue to receive DA and DR, respectively, at the current rate -- 17 per cent -- till June 30, 2021. The Department of Expenditure, under the finance ministry, in the memorandum said no arrears will be paid from January 1, 2020, to June 30, 2021. However, for releasing the DA and DR due from July 1, 2021, the government will take into account the previous hike. "In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid. However DA and DR at current rates will continue to be paid," the ministry said. Generally, DA for government employees and pensioners is revised twice a year in January and July in line with inflation trend. "As and when the decision to release the future instalment of DA and DR due from July 1, 2021, is taken by the government, the rates of DA and DR as effective from January 1, 2020, July 1, 2020, and January 1, 2021, will be restored prospectively and will be subsumed in the cumulative revised rate effective from July 1, 2021. No arrears for the period from January 1, 2020, till June 30, 2021, shall be paid," the ministry. According to sources, the combined savings on account of freezing of these instalments of DA and DR to central government employees and pensioners would be Rs 37,530 crore in the current financial year and 2021-22. Generally, the states follow the Centre's order on DA and DR. It is estimated that the savings due to suspension of these instalments of DA and DR of state government employees and pensioners will be Rs 82,566 crore, the sources said. Thus, the combined savings of the Centre and states will be Rs 1.20 lakh crore, which will help in fighting the COVID-19 pandemic and its fallout. Last month, the Union Cabinet had approved a 4 per cent increase in DA for government employees and pensioners to 21 per cent. This decision was to be effective from January 1, 2020. With Thursday's decision, this 4 per cent hike has been put on hold. President Ram Nath Kovind, Vice President Venkaiah Naidu and Prime Minister Narendra Modi as well as Union ministers and Members of Parliament and governors of all states have taken a 30 per cent pay-cut for one year beginning April. The Cabinet also approved the move to temporarily suspend MPLADS Fund of MPs for two years – 2020-21 and 2021-22. The money, saved through these efforts, will go to the Consolidated Fund of India and would be utilised for managing health services and the adverse impact of the COVID-19 pandemic in the country. Besides the healthcare cost, the government is also faced with the additional burden of giving booster or stimulus to sectors and industries hit by a nationwide lockdown. The lockdown, which began on March 25, was last week extended until May 3. Late last month, the government announced a Rs 1.7-lakh crore economic package, comprising free foodgrains and cooking gas to the poor and cash dole to poor women and elderly. A second package, aimed at industries, is said to be in the works and is likely to be announced shortly. JD DP ANZ HRS

COVID-19 pandemic: Govt freezes DA, DR for 1.1 cr employees, pensions

(Eds: Correcting word in headline) New Delhi, Apr 23 () The government on Thursday froze inflation-linked allowance for its 1.1 crore employees and pensioners, a move states are likely to replicate, helping save a combined Rs 1.2 lakh crore that could be used to combat the coronavirus crisis. Last month, the government had announced a 4 per cent increase in dearness allowance (DA) for its 50 lakh employees and 61 lakh pensioners beginning January 1, 2020. This was to cost Rs 27,100 crore in the current financial year 2020-21. "In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid," the Department of Expenditure said in an office memorandum. However, central government employees and pensioners will continue to receive DA and DR, respectively, at the current rate -- 17 per cent -- till June 30, 2021. The Department of Expenditure, under the finance ministry, in the memorandum said no arrears will be paid from January 1, 2020, to June 30, 2021. However, for releasing the DA and DR due from July 1, 2021, the government will take into account the previous hike. "In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid. However DA and DR at current rates will continue to be paid," the ministry said. Generally, DA for government employees and pensioners is revised twice a year in January and July in line with inflation trend. "As and when the decision to release the future instalment of DA and DR due from July 1, 2021, is taken by the government, the rates of DA and DR as effective from January 1, 2020, July 1, 2020, and January 1, 2021, will be restored prospectively and will be subsumed in the cumulative revised rate effective from July 1, 2021. No arrears for the period from January 1, 2020, till June 30, 2021, shall be paid," the ministry. According to sources, the combined savings on account of freezing of these instalments of DA and DR to central government employees and pensioners would be Rs 37,530 crore in the current financial year and 2021-22. Generally, the states follow the Centre's order on DA and DR. It is estimated that the savings due to suspension of these instalments of DA and DR of state government employees and pensioners will be Rs 82,566 crore, the sources said. Thus, the combined savings of the Centre and states will be Rs 1.20 lakh crore, which will help in fighting the COVID-19 pandemic and its fallout. Last month, the Union Cabinet had approved a 4 per cent increase in DA for government employees and pensioners to 21 per cent. This decision was to be effective from January 1, 2020. With Thursday's decision, this 4 per cent hike has been put on hold. President Ram Nath Kovind, Vice President Venkaiah Naidu and Prime Minister Narendra Modi as well as Union ministers and Members of Parliament and governors of all states have taken a 30 per cent pay-cut for one year beginning April. The Cabinet also approved the move to temporarily suspend MPLADS Fund of MPs for two years – 2020-21 and 2021-22. The money, saved through these efforts, will go to the Consolidated Fund of India and would be utilised for managing health services and the adverse impact of the COVID-19 pandemic in the country. Besides the healthcare cost, the government is also faced with the additional burden of giving booster or stimulus to sectors and industries hit by a nationwide lockdown. The lockdown, which began on March 25, was last week extended until May 3. Late last month, the government announced a Rs 1.7-lakh crore economic package, comprising free foodgrains and cooking gas to the poor and cash dole to poor women and elderly. A second package, aimed at industries, is said to be in the works and is likely to be announced shortly. JD DP ANZ HRS SHWSHW

COVID-19 pandemic: Govt freezes DA, DR for 1.1 cr employees, pensioners

The <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Wednesday decided to restore Dearness Allowance (DA) and Dearness Relief (DR) for central government employees and pensioners from July 1, 2021 while increasing the rate of allowance to 28 percent. The increase in the DA and DR will impose an additional annual burden of ₹34,401 crore on the exchequer, Minister of Information and Broadcasting Anurag <keyword id="6360857" type="PERSON" weightage="20" keywordseo="thakur">Thakur</keyword> told reporters after the cabinet meeting. In view of the COVID-19 pandemic, the <keyword id="6362177" type="UNKNOWN" weightage="20" keywordseo="Union-government">Union Government</keyword> had frozen the three additional instalments of the DA and DR which were due from January 1, 2020, July 1, 2020 and January 1, 2021. The move, Thakur said, will benefit about 48.34 <keyword id="11638790" type="UNKNOWN" weightage="20" keywordseo="lakh-central">lakh central</keyword> employees and 65.26 pensioners. "The government has decided to increase DA to central government employees and DR to pensioners with effect from July 1, 2021 representing an increase of 11 per cent over the existing rate of 17 per cent of the basic pay/pension," said a release. "#Cabinet approves restoring of three instalments of Dearness Allowance and Dearness Relief with effect from 01.07.2021 representing an increase of 11% over the existing rate of 17% of the Basic Pay/Pension. No arrears for the period from 01.01.2020 till 30.06.2021 shall be paid," the official handle of <keyword id="44978" type="ORGANIZATION" weightage="20" keywordseo="PIB">PIB</keyword> tweeted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tatva-chintan-pharma-chem-ipo-anti-china-sentiment-across-the-globe-maybe-a-boon-for-this-speciality-chemical-company/articleshow/84404755.cms">Tatva Chintan Pharma Chem IPO: Anti-China sentiment across the globe maybe a boon for this speciality chemical company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/new-smartphone-oppo-reno-6-and-reno-6-pro-5g-price-specification-and-features/articleshow/84406144.cms">Oppo Reno 6, Reno 6 Pro 5G smartphones with 65W fast charging launched in India – price, specifications and availability details</a>

Government hikes dearness allowance to 28% effective from July 1

The Union Cabinet has given nod to 7% hike in <keyword id="6429991" type="UNKNOWN" weightage="20" keywordseo="dearness-allowance">dearness allowance</keyword> (DA) for the central government employees. This will benefit 30 lakh working employees and 50 lakh pensioners. With this hike, the DA has now increased up to 107% of the basic pay. 
 “The Union Cabinet chaired by the <keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> today gave its approval for the release of an additional installment of dearness allowance to central government employees and dearness relief (DR) to pensioners with effect from July 1. This is an increase of 7% over the existing rate of 100% of the basic pay/pension, to compensate for price rise,” a government statement said. 
 
The Centre said that this increase is in line with the recommendations of the 6th Central Pay Commission. “The combined impact on the exchequer on account of both dearness allowance and dearness relief would be of the order of approximately Rs 7,691 crore per annum and Rs 5,127 crore respectively in the financial year 2014-2015 (i.e. for a period of eight months from July, 2014 to February, 2015),” it said.

7% DA Hike For Central Govt Employees

(Eds: Adding details) New Delhi, Mar 13 () The Union Cabinet on Friday approved 4 per cent increase in dearness allowances (DA) for government employees and pensioners to 21 per cent, which will benefit over 1.13 crore people. The move will come into effect retrospectively from January 1, 2020. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved to release an additional instalment of dearness allowance (DA) to central government employees and dearness relief (DR) to pensioners with effect from January 1, 2020, an official statement said. There will be an increase of 4 per cent over the existing rate of 17 per cent of the basic pay/pension to compensate for price rise, it added. "The combined impact on the exchequer on account of both dearness allowance and dearness relief would be Rs 12,510.04 crore per annum and Rs 14,595.04 crore in financial year 2020-21 (for a period of 14 months from January 2020 to February 2021)," the statement said. It will benefit about 48.34 lakh central government employees and 65.26 lakh pensioners. "The increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission," it added. KPM RVK

Govt hikes DA for govt employees, pensioners by 4 pc from Jan 1

New Delhi, Feb 1 () With an aim to strengthen the pension fund regulatory body's regulating role, Finance Minister Nirmala Sitharaman on Saturday proposed amendments in the PFRDA Act and forming of pension trusts by employees other than government.
Presenting the Union Budget 2020-21, the minister also proposed separating the role of the Pension Fund Regulatory and Development Authority of India (PFRDA) from that of trust for government employees.
"Regulating role of PFRDAI requires strengthening. Necessary amendments would be carried out in Pension Fund Regulatory Development Authority of India Act that will also facilitate separation of NPS trust for government employees from PFRDAI," Sitharaman said in her Budget speech in Parliament.
The Pension Fund Regulatory &amp; Development Authority Act was passed in September, 2013 and came to effect from February, 2014.
This would also enable establishment of a pension trust by the employees other than government, the minister said. 
"I am confident that this will motivate citizens to plan for their old age," she added.
Further, to help easy mobility while in jobs, she said the government wishes to infuse into the universal pension coverage with auto enrolment.
"Also, we wish to place such mechanisms which can enable inter-operability and provide safeguards for the accumulated corpus," she said.
The PFRDA regulates the National Pension System (NPS), subscribed by employees of central and state governments as well as by employees of private sector organizations those in unorganised sectors.
It also administers Atal Pension Yojana (APY), which mainly caters to the unorganised sector and low income groups.
As of November 9, 2019, the overall number of NPS and APY subscribers in the country crossed 3.12 crore with Asset under Management (AUM) of over Rs 3.85 lakh crore, as per the PFRDA data. KPM MKJ

Govt mulls separating PFRDA from govt staff trust, setting up pvt sector pension trusts

In a bonanza for 48 lakh <keyword id="772729" type="General" weightage="20" keywordseo="Central-government-employees" source="Orion">Central government employees</keyword> and 70 lakh pensioners, the government on Friday hiked <keyword id="6429991" type="General" weightage="20" keywordseo="dearness-allowance" source="Orion">dearness allowance</keyword> (DA) and dearness relief (DR) by 4 per cent with retrospective effect from January 1, 2023. The decision was taken in the <keyword id="1246760" type="General" weightage="20" keywordseo="Union-Cabinet-meeting" source="Orion">Union Cabinet meeting</keyword> on Friday evening. According to official sources, the additional instalment will represent an increase of 4 per cent over the existing rate of 38 per cent of the basic pay or pension, to compensate against price rise. The cabinet gave its approval to release an additional instalment of DA to Central government employees and DRA to pensioners with effect from January 1, 2023, they added. The combined impact on the exchequer on account of both DA and DR would be Rs 12,815.60 crore per annum, the sources added. This increase is in accordance with the accepted formula, which is based on the recommendations of the <keyword id="1581536" type="General" weightage="20" keywordseo="7th-Central-Pay-Commission" source="Orion">7th Central Pay Commission</keyword>. DA is calculated as per the latest consumer price index for industrial workers. It is revised periodically twice a year and was last revised in September 2022, and was effective retrospectively from July 1, 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

You Searched For "central government employees pension" and got 13 results

Central government employees cheer as 7th Pay Commission recommends 23.55% hike in salaries

BI India Bureau

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

Government employees to be handed over Pension Payment Order at the time of retirement

BI India Bureau

BSNL employees oppose govt decision to freeze DA hike

PTI

Dearness allowance of central government employees hiked by 4%

ANI

Perks of the trade: India may double or triple minimum monthly pension

BI India Bureau

COVID-19 pandemic: Govt freezes DA, DR for 1.1 cr employees, pensions

PTI

COVID-19 pandemic: Govt freezes DA, DR for 1.1 cr employees, pensioners

PTI

Government hikes dearness allowance to 28% effective from July 1

PTI

7% DA Hike For Central Govt Employees

BI India Bureau

Govt hikes DA for govt employees, pensioners by 4 pc from Jan 1

PTI

Govt mulls separating PFRDA from govt staff trust, setting up pvt sector pension trusts

PTI

Cabinet clears dearness allowance hike by 4%

IANS

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