A day after the Pay Commission proposed 23.55 percent rise in salaries and pensions of central government employees, the Finance Ministry on Friday expressed confidence that the fiscal deficit targets will not be breached because of absorbing the Rs 1.02 lakh crore bill.
The 7th Pay Commission Thursday recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
The hefty increase in salary and allowances of central government employees and pensioners following the implementation of the 7th Pay Commission recommendations will put a strain on exchequer to the tune of Rs 1.02 lakh crore in 2016-17, or 0.65 percent of GDP.
Seeking to infuse more young blood into the armed forces via the Short Service Commission, the 7th Pay Commission Thursday recommended that they be paid gratuity and entitled to a fully-funded one-year course at a premier institute of higher learning.
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