7th CPC: When the recommendation of the Seventh Pay Commission (7th CPC) was implemented, the minimum pay of the Central Government employees was increased by 14.3% as compared to the minimum pay of the Sixth Pay Commission (6th CPC).
7th Pay Commission Latest News: More than 50 lakh central government employees are waiting for the increase in dearness allowance. Sources claim that the government has taken a decision on this but the official announcement has not been made yet.
Let us tell you that when the recommendation of the Seventh Pay Commission (7th CPC) was implemented, the minimum pay of the Central Government employees was increased by 14.3% as compared to the minimum pay of the Sixth Pay Commission (6th CPC). Apart from this, when the Sixth Pay Commission was implemented, there was an increase of 54% in the basic pay as compared to the Fifth Pay Commission (5th CPC).
The government gave information in the Lok Sabha.
If we talk about this earlier, there was an increase of 31% in the minimum wage under the Fifth Pay Commission (5th CPC). Union Minister of State for Finance Pankaj Chowdhary shared this information in a written reply to a question in the Lok Sabha on Monday. He shared the details of different tax benefit measures announced for central employees and pensioners since 2014 in the Parliament. Let’s know how?
1. The Minister of State for Finance informed that the basic tax exemption limit has been increased by the government. It has been increased from Rs 2 lakh to Rs 2.5 lakh. Apart from this, the limit for claiming deduction under Section 80C of Income Tax has been increased from Rs 1 lakh to Rs 1.5 lakh.
2. Under the Finance Act, 2017, the income tax limit was reduced for such individuals, whose total income is between Rs 2.5 lakh to Rs 5 lakh. It was reduced from 10% to 5%.
3. Standard deduction increased from Rs.40,000 to Rs.50,00o. This benefited both tax payer salaried class and pensioners.
4. Under Section 87A in the Finance Act, 2019, full tax relief was given to those with taxable income up to Rs 5 lakh.
5. Different incentives were given in the Finance Act, 2018 to give relief to senior citizens who take pension. For example, the deduction limit on medical insurance premium under 80D was increased from Rs.30,000 to Rs.50,000. Similarly, the medical expenses for serious diseases were increased to one lakh rupees. Senior citizens were exempted from tax on interest up to Rs 50,000 on deposits in banks or post offices.
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