7th pay commission: 3 big announcements for central govt employees likely in July, more money coming soon?

The central government employees may get to hear 3 good news --regarding hike in Dearness Allowance (DA), second regarding the payment 18-months DA arrear, and third regarding the interest on Provident Fund (PF) --in the month of July.

New Delhi: 7th Pay Commission Latest update-- The central employees may make three big announcements in the month of July. If media reports are to be believed, the central government employees may get Triple bonanza in this month--one regarding hike in Dearness Allowance (DA), second regarding the payment 18-months DA arrear, and third regarding the interest on Provident Fund (PF).

6 percent DA hike likely to be announced in July

If latest media reports are to be believed, there could be a 6 percent hike in Dearness Allowance in July. This means the total DA could reach upo 40 percent. As per several media reports, the government could announce DA hike on July 31. These are early speculations only, and employees will have to wait for official word on the same. As per latest ministry reports, the AICPI figures for May is at 129, which is hinting at certainity that the DA would be higher than expected, i.e 6 percent, several media websites are saying.

18 months-pending Dearness allowance (DA) arrears 

The reports on payment of 18 months-pending Dearness allowance (DA) arrears has once again gained steam. As per fresh reports, the issue regarding payment of DA arrears of 18 months from January 2020 to June 2021 might be taken up soon. The Central government employees should not lose hope on getting Rs 1.5 lakh pending arrears in their account at one go. The quantum of DA arrear would depend on the pay band and structure of the employees.

Provident Fund Interest transfer

The Central Board of Trustees, EPF had recommended 8.10% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22. The interest rate was officially notified in the government gazette following which EPFO would soon start to credit the rate of interest into its subscribers’ accounts. EPFO announces the PF interest rate every year.