Zee Media Bureau
New Delhi: The countdown for the implementation of 7th Pay Commission recommendations is over as the Union Cabinet on Wednesday cleared the final report made by the secretaries panel on Pay Commission recommendations.
Here are the latest updates
- India's Stock market thumbs up Cabinet's approval of 7th Pay Commission. Sensex opens up over 220 points, Nifty over 60 points.
- ICRA Senior Economist Aditi Nayar said actual revenue growth will critically impact whether the fiscal deficit remains at budgeted level despite the revised pay and pension.
- According to India Ratings and Research Chief Economist Devendra Pant the Pay Commission award will boost domestic consumption by Rs 45,110 crore as also push up household savings.
- The decline in global crude and commodity prices as well as good monsoon would act as an offsetting factor for any pressure on prices as result of 7th Pay Commission --Crisil Chief Economist D K Joshi said.
- Assocham said the Cabinet's nod to implement the 7th Pay Commission recommendations would have a positive impact in the short to medium term.
- Ficci too said the pay hike of government employees will give a strong boost to the consumer demand and help uplift the growth of the economy.
-Naushad Forbes, President of Conferderation of Indian Industry (CII) has said that the government should focus on productivity after 7th pay boost to employees. CII has tweeted:
— CII (@FollowCII) June 30, 2016
- Swaraj Abhiyan leader Yogendra Yadav tweeted:
Now that 7th pay commission for govt employees implemented, when should we expect the 1st income commission for farmers?
— Yogendra Yadav (@_YogendraYadav) June 29, 2016
- Former Infosys Board Member Mohandas Pai tweeted:
— Mohandas Pai (@TVMohandasPai) June 29, 2016
- Seems, the pay hike clearance is not going down well with many
Chennai: Central Government employees protest against the 7th pay commission. pic.twitter.com/zIEGkcEmNi
— ANI (@ANI_news) June 29, 2016
-Shortly after the meeting of the Cabinet, Finance Minister Arun Jaitley congratulated the central government officers, employees and pensioners. He twitted:
Congratulations to central government officers, employees & pensioners on a historic rise in their salary & allowances through the 7th CPC.
— Arun Jaitley (@arunjaitley) June 29, 2016
- The Indian Army will benefit the highest with the cabinet approving hike in its salary from Rs 21,000 to Rs 31,500.
- Financial impact of pay hike: Rs 73,650 crore to be accomodeated in the general budget and Rs 28,450 core by railway budget.
-The rate of annual increment retained at 3 percent.
-24 percent hike in pensions.
- The 7th Pay Commission report on revised pay will be effective from January 1.
- Gratuity ceiling of employees will be doubled from Rs 10 lakh to 20 lakh.
- The cabinet cleared 23.55 percent hike in salary as recommended by the 7th Pay Commission.
- The entry level pay recommended to be raised to Rs 18,000 per month has also been accepted.
- Cabinet clears 7th Pay Commission recommendations
- Cabinet meeting on 7th Pay Commission begins.
- Ministers arrive for Cabinet meeting, Cabinet to take up 7th pay commission committee’s report.
- Cabinet all set to clear final recommendation on salary hike today.
Earlier media reports said:
-However CNBC TV18 has reported that the Cabinet might adhere to 7th Pay Commission recommendation on basic pay hike. It means that there is no extra increment in basic pay over and above the pay commission's recommendation.
- As per PTI reports the government may improve upon the Pay Commission recommendation for basic pay to 18 percent or at best 20 percent.
- As per CNBC TV18 report, arrears would be disbursed in the next financial year.
- Cabinet to hold a meeting on Wednesday to discuss the final report of 7th Pay Commission submitted by the secretaries panel.
- As per a report in Financial Express, the disbursement of allowance will not be made retrospectively. It will be done prospectively.
- Financial Express report has said that 10 percent of arrears will be deducted and be deposited in NPS. It means that employees will get 10 percent less arrears than has been calculated.