7th Pay Commission: Government Employees To Get 3 Times More Loan Amount Under House Building Advance Scheme
New Delhi, October 20: For thousands of government employees across India, this Diwali seems to be extra special, with the respective state governments implementing the 7th Pay Commission recommendations made by the Union Cabinet.
Earlier this week, the Rajasthan government led by Bharatiya Janata Party (BJP) gave a go-ahead for higher allowances, including house rent allowance (HRA).
Analysts further say that the move is expected to boost consumer demand but strain public finances. Also, some school of thought also argues that it would provide the much-needed succour from skyrocketing prices.
Union HRD Minister, Prakash Javadekar announced that the extension of the benefits of 7th Pay Commission to include a substantial increase in salary for college and university teachers. It was a Diwali gift for nearly 7.58 lakh teachers employed in the Indian universities.
According to a revised pay scales, college and universities teachers can expect a pay hike of Rs 10,400 to Rs 49,800. This would register an entry pay growth in the revision of 22-28 per cent. The approved pay scales would be applicable from January 1, 2016.
In a bonanza for nearly 12 lakh employees and teachers, the Tamil Nadu government announced a manifold revision in minimum and maximum wages in line with the 7CPC.
After this the government would incur an additional expense of Rs 14,719 crore annually, Chief Minister K Palaniswami said to media.
Earlier this month West Bengal Chief Minister Mamata Banerjee also announced 15 per cent hike in dearness allowance (DA) for state government employees from January 2018.