7th Pay Commission Big Update– Salary Of Employees Will Be Increase With New Formula- Know Details
7th Pay Commission Latest Update: Though nothing has been confirmed as of now, speculations are rife that the Centre may announce another Dearness Allowance (DA) hike in July. Experts are assuming that DA may increase by 4% with the data of the past four months. However, the government might implement a new formula for the expected DA hike, said fresh reports which come days after Union Minister Anurag Thakur announced a 4% hike in dearness allowance for over 50 lakh Central government employees.
Sources in the ministry say that now a new pay commission will not come for the employees, rather their salary will be increased according to the performance of the employees. However, the government is still brainstorming on how this formula will work in future.
How will be the new formula-
The new formula to increase the salary of the employees has not been approved yet, but it is believed that it may be completely based on DA. According to sources, under the new formula, as soon as the DA of the employees increases by 50 percent, there will be an automatic increase in their salary. This can be named as automatic pay revision, which will benefit 68 lakh central employees and about 52 lakh pensioners.
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Not the officers, but the employees will get big benefit.
The maximum benefit of this formula of the government will be given to the small level employees. However, the formula is yet to be finalised. But, it is believed that after the implementation of the new rule, the salary of low-level employees will increase more. Under this, the minimum basic pay of the employees of Level Matrix 1 to 5 will be Rs 21 thousand.
7th Pay Commission
In the month of July, 2016, AK Mathur headed the Seventh Pay Commission and submitted a report on it to Finance Minister Arun Jaitley. The report suggested a 23.55% hike in pay and allowances of government employees. If the 7th pay commission is implemented, government employees will benefit from a pay hike and other benefits.
The Government of India is planning to implement the 7th Pay Commission’s recommendations by January 2017. Uttar Pradesh has already approved the 7th Pay Commission and have announced that it will be implemented by January 2017.
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