DA Hike 2024: Get the latest information on New Pay Commission-DA arrears. The DA of workers and pensioners may rise significantly once again in 2024

 DA Hike 2024: Get the latest information on New Pay Commission-DA arrears. The DA of workers and pensioners may rise significantly once again in 2024

The Modi administration at the Center has declared the new rates for 2023 as well as the fact that the next DA will be adjusted in 2024 based on data from the AICPI index for the months of July through December of 2023.

7th Pay Commission DA Hike 2023: Prior to Diwali, the Modi administration at the Center sent two gifts to central workers and pensioners. This covers the Diwali bonus and the four percent dearness allowance. The unique aspect is that in addition to the November wage, the staff members received bonuses, allowances, 3 months' worth of arrears, 46% DA, and an increase in their pensions. The next revision to the dearness allowance is scheduled for 2024; however, the precise amount of the increase will be determined by the half-yearly data of the AICPI index.

In 2024, will there be another dearness allowance increase?

Actually, based on half-yearly data from the AICPI index, the Central Government updates the DA/DR rates of central workers and pensioners twice a year, in January and July. The next DA will be reviewed in 2024 and will rely on the AICPI index data for July through December 2023. New rates for 2023 have been released.

According to AICPI index data through September, there are rumors that DA would surpass 50% or higher in the next year. The DA score increased to 48.54 percent in September even though the AICPI dropped by 1.7 points to 137.5. This was due to a 2.50 percent increase in the figures over the previous three months. We have not yet received the October, November, and December numbers.

Will the next year see the implementation of the new pay commission?

It is anticipated that this number will surpass 50% by December if it exceeds 49% in October. In that case, the DA may rise by 4% to 5% once again, however January 2024 data from October, November, and December will determine that. To what extent will DA rise? Employee salaries will be altered if DA reaches 50% since, after the establishment of the 7TH Pay Commission, the Central Government determined the guidelines for DA revision, which state that 50% of DA would be supplied as the current basic wage and that 50% of DA will become zero at that point. The Central Government alone will make the ultimate decision. It will be added to the DA and the DA computation will begin at zero. Alternatively, a new pay commission may be created.

Demands for new pay commission, DA arrears, and old pension

The creation of the Eighth Pay Commission, regular hiring for open positions in the Central Government, a restriction on privatization, and the release of 18 months' worth of deferred wages that were suspended during the Corona period are among the demands made by the Confederation of Central Government Employees and Workers. The All India NPS Workers Federation declared the "Pension Jaighosh Maharally" on December 10. The rally's theme, "National Mission for Old Pension Scheme India," has not changed. According to the Federation, an announcement of an ongoing strike will be made at that gathering if the Central Government does not reinstate the previous pension by December 10.

This is the method used to compute dearness allowance.

DA is computed using the following formula for Central Government employees: {Average All India Consumer Price Index of the preceding 12 months (Base Year: 2001=100-115.76/115.76}X100). The formula is {Average of 3-month the entire country Consumer Price Index (Base Year-2001=100-126.33/126.33}X100} for Central Public Sector workers. Stated differently, dearness allowance is computed by multiplying the amount that is withdrawn by the current rate of DA and basic wage.