DA Hike : New rates have been announced for 2023 and now the next DA will be revised in the year 2024, which will depend on the AICPI index data for July to December 2023.
7th Pay Commission DA Hike 2023: Before Diwali, the Modi government at the Center has given the gift of dearness allowance, Diwali bonus and 3 months arrears to the central employee pensioners. DA has been increased by 4 percent for July 2023, after which DA has increased from 42% to 46%. Now the next dearness allowance will be revised in 2024, although the amount of increase next time will depend on the half yearly data of AICPI index. But from the data of AICPI index so far, it is expected that in the new year DA will increase by 50%. Can be crossed.
How much will dearness allowance increase again in 2024?
Actually, the Central Government revises the DA/DR rates of central employees-pensioners twice a year in January and July, which depends on the half yearly data of AICPI index. New rates have been announced for 2023 and now the next DA will be revised in the year 2024, which will depend on the AICPI index data for July to December 2023. So far, the AICPI index numbers for July and August have been released, in which the index has reached 139.2 points and the DA score is 47.98 percent. This figure may cross 48.50 percent in September. The figures for September, October, November and December are yet to be released, which will decide how much DA will increase in January 2024. However, the final decision will be taken by the Central Government only.
What will happen if DA becomes 50%?
If there is an increase in DA rates from 4% to 5% for January 2024 next year, then dearness allowance will reach 50%, in such a situation the salary of the employees will be revised because with the formation of the Seventh Pay Commission, the Central Government has taken into account the inflation rate. The rules for revision of allowances were decided that DA will become zero when it reaches 50%, 50% DA will be given by adding it to the existing basic salary and the calculation of DA will start from zero. Similarly, in many types of allowances, there will be increase of up to 25%. There will be an increase.
The 7th Pay Commission was constituted in 2013, while its recommendations were implemented in 2016, hence speculations are being made that if DA reaches 50% then it will become zero and the Central Government will have to constitute a new pay commission (8th pay commission). This will have to be done or some new rule will have to be brought regarding increasing the salary. Since till now a new pay commission has been constituted every 10 years, the government may have to consider a new pay commission in 2024, although it has not been officially confirmed yet, but considering the current circumstances, it can be estimated. Used to be.
How is dearness allowance calculated?
DA for Central Government employees is calculated on the basis – {Average All India Consumer Price Index of last 12 months (Base Year-2001=100-115.76/115.76}X100. For Central Public Sector employees, the formula is as follows – {Average of 3 months All India Consumer Price Index (Base Year-2001=100-126.33/126.33}X100.
In other words, the amount of dearness allowance is calculated on the basis of multiplying the current rate of DA and basic salary. For example, if your basic salary is Rs 18 thousand and DA is 46 percent, then your DA formula will be (45 x 29200) / 100. Similarly, dearness relief for pensioners is also calculated.
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