7th Pay Commission: Excellent news for workers at Central Pay will rise by Rs 8000; stay informed

7th Pay Commission: Excellent news for workers at Central Pay will rise by Rs 8000; stay informed

7th Pay Commission: Excellent news for workers at Central Pay will rise by Rs 8000; stay informed

7th Pay Commission: Finance Minister Nirmala Sitharaman will release the budget on February 1. Employees in the government have high hopes for this budget. It is anticipated that Budget 2024 would likely include a fitting factor determination as well. Following Cabinet approval, it will be included in the budgetary expense.

On February 1, 2024, Finance Minister Nirmala Sitharaman will deliver the budget. Everyone anticipates that the budget will strengthen the economy and raise the amount of money available to the average person. Employees in the government have high hopes for this budget. The fitting factor should be raised, as government workers have long demanded. This time around, the budget anticipates the largest rise.

This year, in April and May, there will be national elections. The interim budget, which will be presented before to the elections, is scheduled to be presented on February 1. In this case, it remains to be seen whether the administration would surprise central government workers with a large pay raise before to the elections.

Fitment factor: what is it?

It is anticipated that Budget 2024 would likely include a fitting factor determination as well. After the cabinet gives its approval, it is included into the budget. Central government workers' salary will automatically rise if the fitment factor is raised. All central government workers get a base wage determined by the fitting factor. The base wage is also used to determine allowances.

Government workers' pay will rise by this amount:

The minimum basic wage of workers rose from Rs 6,000 to Rs 18,000 in 2016, marking the latest rise in the fitment factor. The minimum basic wage can reach Rs 26,000 due to a potential rise in the fitment factor. The minimal basic pay is now Rs 18,000 and will rise to Rs 26,000 in the future. In other words, there would be a least Rs 8,000 rise in the base income.

The dearness allowance will rise.

Dearness allowance would rise in tandem with an increase in basic salary from Rs. 18,000 to Rs. 26,000. 46 percent of the base pay is the Dearness Allowance (DA). The base salary is multiplied by the DA rate to determine DA. That implies that the dearness allowance will automatically grow in tandem with a rise in the base income.