7th Pay Commission: Big news! Latest Updates on Fitment Factor! Salary will increase by 96000, know update
7th Pay Commission: The government may soon give approval to increase the fitment factor (7th Pay Commission Fitment Factor) . A decision on this can be taken in the cabinet meeting of the government to be held on August 3.
According to media report , if the government approves this, then from September 1, there can be a big increase in the salary of the employees. The minimum basic pay of the employees will be increased from Rs 18,000 to Rs 26,000. That is, the basic salary will increase by Rs 8,000 in a month and Rs 96,000 annually.
96,000 increase in basic pay under 7th Pay Commission
At present, the employees are getting salary on the basis of 2.57 percent under the fitment factor , which is increased to 3.68 percent, then the minimum wage of the employees will increase by Rs 8,000. This means that the minimum wage of central government employees will be increased from Rs 18,000 to Rs 26,000. There will be an increase of Rs 96,000 in the basic salary annually. Along with this, there will be an increase in allowances as they are mostly linked to the basic salary. At present the minimum basic pay is Rs 18,000.
Salary will increase so much under 7th Pay Commission
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If the fitment factor is increased to 3.68 per cent, the basic pay of the employees will be Rs 26,000. Right now if your minimum salary is Rs 18,000 then you will get Rs 46,260 as per fitment factor of 2.57 excluding allowances. Now if the fitment factor is 3.68 then your salary will be Rs 95,680
The Union Cabinet had approved the recommendations of the Seventh Pay Commission (7th Pay Commission) in June 2017 with 34 amendments . The entry-level basic pay was increased from Rs 7,000 per month to Rs 18,000, while the highest level was raised from Rs 90,000 to Rs 2.5 lakh. The starting salary for Class 1 officers was Rs 56,100.
Big Update on DA Hike
The expectation of a hike in the next round of Dearness Allowance (DA) for central government employees is increasing. It has been told that with the next round of revision, the salary of central employees will increase by up to Rs 40,000.
AICPI data has also fueled speculations of higher DA than expected. While initial reports suggested an increase of 4 per cent or 5 per cent, the number is now expected to reach 6 per cent. With the increase of 6 per cent for central government employees, the DA figure will increase to 40 per cent from the current 34 per cent.
How is the AICPI Index giving an indication of DA?
The All India Consumer Price Index (AICPI) data has been increasing continuously since February this year. The May numbers saw a substantial jump of 1.3 points taking the AICPI to 129. As per reports, the June numbers are likely to increase by 6 per cent. A 6 per cent hike for employees with a basic pay of Rs 56,900 would bring an increase of Rs 3,414 per month. This amount will be Rs 22,760 whereas at present it is getting DA of Rs 19,346 per month at 34 per cent figure. The total annual increase in salary becomes Rs 40,968.
Similarly, for the basic pay of Rs 18,000, the DA increase will be Rs 1,080 per month thereby increasing the DA amount to Rs 7,200 from the existing Rs 6,120 per month. With 6 per cent hike in DA, the total will increase by Rs 12,960 per annum.
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