7th Pay Commission: Central employees may get bumper gift before Diwali
7th Pay Commission: Central employees may get bumper gift before Diwali
The latest news from the 7th Pay Commission is that central government employees will receive some welcome news just in time for Diwali. Three gifts are on the way to government workers. There will be more DA and PF interest money coming in because of this.
Delhi is the capital city of India. There’s good news for central government employees from the 7th Pay Commission. Employees will receive three gifts for Diwali this year. In the first place, employees’ Dearness Allowance (DA) may be raised once more. As an alternative, any outcome of the ongoing discussions with the government regarding the DA arrears of the employees can serve as a second gift. In addition, before Diwali, any PF interest can be deposited in the account.
DA MAY INCREASE AGAIN
According to AICPI data from January to May of next year, the Dearness Allowance (DA) will likely increase by up to 3% in July 2021. After a 3% increase, DA will rise to 31% in this scenario. The central government may announce an increase in DA around Dussehra or Diwali, according to media reports.
The dearness allowance has increased by 11% so far this year, compared to last. From July 2021, it will be lowered to 28% by the government. Even if it rises by 3% in June 2021 at this rate, it will account for 31% of GDP with DA. The employee will receive Rs 15,500 in discretionary allowance if his basic salary is Rs 50,000.
DA arrears that have been unpaid for 18 months are expected to be paid to central employees by Diwali, according to a report in Money Control. Prime Minister Narendra Modi has now been informed for the first time in 18 months about the outstanding arrears. After PM Modi finds a solution, the employees will receive their 18-month dearness allowance up until Diwali, according to reports in the media. The Kovid-19 pandemic forced the Finance Ministry to halt the DA hike until 30 June 2021.
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Money from PF interest sources will be forthcoming.
More than 6 crore EPFO account holders will have good news to celebrate Diwali this year. EPFO may be able to provide its account holders with a generous gift before Diwali. PF account holders will soon receive their interest payments in the form of a bank transfer. As a result, EPFO can soon make an announcement about transferring customers’ interest for 2020-21 to their respective accounts.
