Most awaited 7th Pay Commission to be Implemented soon probably by 29th June. It is to be learned that the Empowered Committee of Secretaries, which was formed to look into the recommendations, has finalized its report and based on the report Finance Ministry is preparing a Cabinet note and the issue may come up for approval by the Cabinet as early as June 29. The new salary will be effected from Jan 01st, 2016.
The 7th Pay Commission had recommended overall 23.55 per cent hike in salaries, allowances and pension. This pay commission also recommended the increase of 14.27% hike in basic pay which is the lowest in previous 50 years.
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The implementation of 7th Pay commission will be adding the additional burden of Rs 1.02 lakh crore or nearly 0.7 per cent of the GDP.The previous 6th Pay Commission had recommended a 20 per cent hike which the government doubled while implementing it in 2008.
The implementation of 7th Pay commission will help to increase the salary of nearly 50 lakh central government employees and 58 lakh pensioners.
The basic salary for entry level position in central government jobs have been recommended to Rs 18,000 per month from current Rs 7,000 while the maximum pay, drawn by the Cabinet Secretary, has been fixed at Rs 2.5 lakh per month from current Rs 90,000.
It is believed that finance secretaries’ panel may have recommended higher pay increase, with minimum entry level pay at Rs 23,500 a month and maximum salary of Rs 3.25 lakh.
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