7th Pay Commission: government employees likely to get triple bonanza in September; details

7th Pay Commission Latest update: The central employees likely to get three big announcements in the month of September. As per media reports, the government employees may get Triple bonanza, the first one regarding Dearness Allowance (DA) hike of 4 percent is expected around Navratri next month which will take the overall figure to 38 percent for central government employees, second regarding the payment 18-months DA arrear, and third regarding the interest on Provident Fund (PF).

With the triple bonanza, employees under the central government are up for receiving a massive sum in their bank accounts in the next month. This will be a massive boost at a time when rising inflation has stressed household finances.

While DA hike could reportedly be announced after the next cabinet meeting and around Navratri 2022, the interest amount for PF could come by August-end or in September, it was reported.

With the DA hike decided on the basis of AICPI data, a hike of 4 percent is all but confirmed. All India Consumer Price Index climbed to 129 with a 1.3 point increase in May, followed by a 0.2 point hike in June to take it to 129.2.

The reports on payment of 18 months-pending Dearness allowance (DA) arrears has once again gained steam. As per fresh reports, the issue regarding payment of DA arrears of 18 months from January 2020 to June 2021 might be taken up soon. The Central government employees should not lose hope on getting Rs 1.5 lakh pending arrears in their account at one go. The quantum of DA arrear would depend on the pay band and structure of the employees.

Finally, over 7 crore account holders with the Employees’ Provident Fund Organisation (EPFO) will receive interest amounts by the end of this month. Account holders will receive PF as per 8.1 percent interest rate this time, the report said.