Union Commerce and Trade Minister Piyush Goyal briefs media in regards to the Cupboard choices on Thursday, in New Delhi. (Picture: News18)
The DA hike will value the exchequer Rs 12,868 crore
seventh Pay Fee: In a bonanza for central authorities workers, the Union Cupboard on Thursday accredited a 4 per cent hike in dearness allowance (DA) to 50 per cent of the essential pay. The 4% DA hike, which is able to profit over one crore central authorities workers and pensioners, will develop into efficient from January 1, 2024. Other than this, HRA has additionally been elevated for the workers.
Briefing in regards to the Cupboard choices in the present day, Union Commerce and Trade Minister Piyush Goyal stated, “The DA hike will value the exchequer Rs 12,868 crore.”
The federal government has additionally elevated dearness aid (DR) by 4 per cent. DA is given to authorities workers, whereas DR is given to pensioners. DA and DR are hiked twice a yr, with impact from January and July.
How A lot Wage Hike Will Central Govt Staff Get?
For the reason that authorities has introduced a 4 per cent DA hike, how a lot is the wage hike probably for central authorities workers? If anyone’s wage is Rs 50,000 monthly and has Rs 15,000 as the essential pay. She or he at present will get Rs 6,900, which is 46 per cent of the essential pay. Nonetheless, after the 4 per cent hike, the worker will get Rs 7,500 monthly, which is Rs 600 larger as in contrast with Rs 6,900 earlier. So, if somebody has a Rs 50,000 wage a month with Rs 15,000 as the essential pay, his or her wage will rise by Rs 600 monthly.
Within the earlier DA hike in October 2023, the federal government had elevated the dearness allowance and dearness aid by 4 per cent to 46 per cent.
How Does Govt Calculate DA Hike?
The DA and DR hike is determined primarily based on the share enhance in 12 month-to-month common of the All-India CPI-IW. Although the central authorities revises the allowances on January 1 and July 1 yearly, the choice is usually introduced in March and September/October.
In 2006, the central authorities had revised the system to calculate the DA and DR for central authorities workers and pensioners.
Dearness Allowance Share = ((Common of All-India Client Worth Index (Base Yr 2001=100) for the previous 12 months -115.76)/115.76)x100.
For Central public sector workers: Dearness Allowance Share = ((Common of All-India Client Worth Index (Base Yr 2001=100) for the previous 3 months -126.33)/126.33)x100.
