Pensioners await 7th Pay Commission after 4% DR rise! The government announced the arrival date and amount of funding

 Pensioners await 7th Pay Commission after 4% DR rise! The government announced the arrival date and amount of funding

Latest News on the 7th Pay Commission: Earlier this month, the federal government declared that DA and DR for workers and retirees will rise by 4%.

7th Pay Commission: The Central Government agency has released a document. Which pensioners will get the additional dearness relief benefit and when will they receive it have been disclosed. The Department of Pension and Pensioners Welfare (DoPPW) provided this information in a document dated October 27, 2023.

The Central Government declared early in October that, as of July 1, retirees and central workers will get a 4 percent rise in dearness relief and dearness allowance. The assistance provided to workers and pensioners has grown from 42% to 46% with this increase. In relation to this, the Pension Department has provided information on the availability date of the enhanced dearness allowance.

Whose DR is going to rise?

The Defense Sector Armed Forces elderly people and civilian pensioners, All India Service elderly people, Railway pensioners, pensioners receiving provision pension, and certain pensioners from Burma will all benefit from an increase in DR, according to DoPPW. Additionally, civilian Central Government pensioners and their families will also receive this benefit. In addition, retiring Supreme Court judges are eligible to receive DR increases upon a Justice Department decree.

What is the projected rise in pension?

The DR for seniors has been raised by the national government by 4%. According to 42 percent DR, the dearness compensation would exceed Rs 16 thousand if the retirees' baseline income is Rs 40 thousand. The basic pension's dearness alleviation would exceed Rs 18,000 with the latest hike. This implies that seniors would get a monthly pension of more than Rs 1,000.

Banks are mandated to disburse pension funds promptly.

The government has said that banks should provide pensions to retirees as quickly as feasible, according to an Economic Times story. For this, there's no need to wait for instructions.