7th Pay Commission latest news: On February 1, when the country’s Finance Minister Nirmala Sitharaman will be reading the Budget (Budget 2023), two announcements can be made for government employees. The first announcement can give them some relief. At the same time, the second announcement will increase the burden on the pocket for them.
7th Pay Commission latest news: The year 2023 is going to be very important for central employees. On one hand, the year will start with their increased dearness allowance. At the same time, there can be two announcements for them in the coming budget. On January 31, the dearness allowance figure (AICPI Index) will come for the Central Government Employees. From this it will be known that how much his DA has increased. At the same time, on February 1, when the country’s Finance Minister Nirmala Sitharaman will be reading the budget (Budget 2023), then two announcements can be made for the government employees. The first announcement can give them some relief. At the same time, the second announcement will increase the burden on the pocket for them. Both these announcements can be made for central government employees and pensioners.
7th Pay Commission: Salary revision may be announced
It has been discussed for a long time that the salary revision of central employees will be done through the fitment factor in the next pay commission. However, the government does not agree with this. The government believes that now there is no need for the next Pay Commission. The salary of government employees should be increased every year instead of every 10 years. Due to this, the low level employees will also get the same salary as the officers sitting in the higher position. Now only 1 year is left for the formation of the 8th Pay Commission. If sources are to be believed, the government may introduce a new formula for salary revision of the employees before this. This can be included in the budget, for which there will be a separate allocation. In this, the roadmap of the new formula can be told.
7th Pay Commission: What will be the new formula?
Till now a pay commission was constituted for central employees every 10 years. In the year 2014, the 7th Pay Commission was formed. In the 7th Pay Commission, the salary of the employees is increased by increasing the basic salary on the basis of the fitment factor. But, the argument is that only higher level employees benefit from this. And there is not that much increase in the salary of low level employees. That’s why the government can focus only on the formula given by former Finance Minister late Arun Jaitley. In the year 2016, while approving the 7th Pay Commission (7th Pay Commission latest news), he said that the time has come when the salary of the employees should be increased every year. This will benefit small level employees. Work should not be done towards the formation of new pay commission.
Second big announcement for employees in the budget
In Budget 2023, another big announcement for central government employees can be regarding their House Building Allowance (HBA). At present, central government employees can take this allowance as an advance from the government for building or repairing a house. In lieu of this, the government charges interest from them. At present, the interest rate of House Building allowance is 7.1%. This can be increased in the budget. The employee can take this advance amount up to Rs 25 lakh for building a house. If sources are to be believed, the interest rate of HBA can be revised to 7.5%. At the same time, the limit of 25 lakh can also be increased to 30 lakh rupees.
7th Pay Commission: Dearness Allowance will be approved
Just after the budget, in the month of March, dearness allowance (Mehngai Bhatta) will be approved for the central employees under the 7th Pay Commission. Actually, the dearness allowance of January 2023 is to be revised. This revision will happen in January. But, it will be approved in the cabinet in the month of March. The government can approve it in a special cabinet meeting only during the budget session. Based on the figures so far, a revision of 3 percent can be seen in DA Hike. However, its picture will be clear on coming 31 January.
