7th Pay Commission Update: The central government has given a big Diwali gift to the central employees. The government has approved an increase of about 12% in the salary of employees and officers. Let’s know the latest updates.
7th Pay Commission: There is good news for central employees. The central government has given a big Diwali gift to the central employees. After increasing the variable dearness allowance, the government has approved an increase of about 12% in the salary of the employees and officers of 4 General Insurance Companies. Explain that the employees will get the increased salary from August 2017. The Union Finance Ministry has given information by issuing a notification for this.
Finance Ministry issued notification
According to the information given by the Union Finance Ministry, the salary of employees of 4 public sector insurance companies has been increased by an average of 12%. This increase will be effective from August 2017. “This scheme may be called the General Insurance (Rationalization of Pay Scales of Officers and Other Service Conditions) Revision Plan, 2022,” said a gazetted notification issued on October 14, 2022, our partner website. Significantly, this decision of the government will increase the burden of Rs 8,000 crore on the companies.
Which people will get benefit?
In the notification issued by the Ministry of Finance, it said, ‘This revised salary is effective from August 1, 2017. This is also applicable to those who were in the service of these companies at that time.
Employees will get 5 years arrears
According to the notification issued by the government, the arrears of 5 years will be paid to the officers and employees. Under this, the next revised salary payable from August 2022 will be given as a variable salary based on the performance of the company and the employee.
This is Government General Insurance Company.
At present there are four government companies in the general insurance sector. These include New India Assurance Company Limited, United India Insurance Company Limited, The Oriental Insurance Company Limited and National Insurance Company Limited.
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