New Delhi: 7th Pay Commission DA Hike Latest Update: An important cabinet meeting will be held today to discuss the dearness allowance (DA) hike of the central government, say media reports. Media reports said that the DA hike for government employees may be announced after the meeting.
Earlier the media had reported that the Modi government was about to hold a cabinet meeting on March 15, but it did not happen.
The All-India CPI-IW for January, 2023 stood at 132.8 (One Hundred Thirty Two Point Eight) with an increase of 0.5 points. On 1-month percentage change, it registered an increase of 0.38 percent with respect to the previous month, while a decrease of 0.24 percent was registered between the same month a year ago.
However, if the issue of DA is not discussed in the cabinet meeting next week, then there could be an indication about the expected Dearness Allowance (DA) hike in the All India Consumer Price Index (AICPI), which will be released by the Ministry of Labor till the end. does. Month’s The next issue of CPI-IW for the month of February, 2023 will be released on Friday, March 31, 2023.
The AICPI figures for December 2022 stood at 132.3. The only factor used to calculate the daily wages for central employees is the AICPI index. The index covered 88 centers as well as the entire country. AICPI is released on the last working day of every month.
According to media reports, there will be an increase of 3 percent in the dearness allowance. As a result, DA will increase to 41 per cent from its existing 38 per cent.
If the government increases DA by 3% to 41%, then what will be the increase in salary?
With a minimum basic pay of Rs. 18,000
If DA is increased to 41% (Rs 7,380/month)
Actual 38% DA = Rs 6,840 per month
Increase in monthly salary by Rs 900 (Rs 7,380 minus Rs 6,840)
Increase in annual salary: Rs.900 x 12 = Rs. 10,800
Assuming a base income of Rs 56,900
If DA is increased to 41%, the monthly salary will be Rs 23,329
Actual 38% DA = Rs 21,622 per month
Monthly increment Rs 1,707 (Rs 23,329 less Rs 21,622)
Increase in annual salary: 1,707 x 12 = Rs. 20,484
7th Pay Commission: DA increased by 4% to 38%
The Union Cabinet has approved the release of an additional installment of Dearness Allowance and Dearness Relief at the rate of 4 percent to Central Government employees and pensioners as per the percentage increase in the 12th monthly average of All India Consumer Price Index for the period ending June 2022 . Due from July 1, 2022. From July 1, 2022, both central government employees and pensioners are now eligible for an enhanced amount of dearness allowance and dearness relief, respectively.
As per estimates, the additional financial impact of this increase in Dearness Allowance for Central Government employees would amount to a total of Rs. 6,591.36 billion each year and Rs. 4,394.24 billion in the financial year 2022-2023 (i.e. for a period of 8 months from July, 2022 to February, 2023).
As per estimates, this increase in dearness relief for pensioners will result in a total of Rs. will have a significant financial impact. 6,261.20 billion annually and Rs. 4,174.12 billion in the financial year 2022-2023 (i.e. for a period of 8 months from July, 2022 to February, 2023).
The combined burden of Dearness Allowance and Dearness Relief on the exchequer will be in the range of Rs 12,852.56 billion each year and Rs 8,568.36 billion in the financial year 2022-2023 (i.e. for the period of 8 months from July, 2022). February, 2023).