7th pay commission latest news today 2023
7th pay commission latest news today 2023 info
The government employees are being offered an additional opportunity by the Central Government to select their pay arrangement. They have a three-month window to make their decision. Once this period ends, no further requests for an extension or relaxation of the conditions will be considered. They provided this update through an Office Memorandum (O.M.) released by the Department of Expenditure (DoE) under the Ministry of Finance on July 4, 2023.
Based on the Department of Expenditure's Office Memorandum (O.M.) dated November 28, 2019, employees who were promoted or received a salary increase on or after January 1, 2016, were given the chance to choose their pay arrangement. It gave them a one-month timeframe starting from the date when the O.M. was issued to make their decision under FR 22(I)(a)(1).
7th pay commission latest news today 2023 for central government employees
The salaries of Central Government employees are determined based on the suggestions made by the 7th Pay Commission. They are eagerly expecting an increase in the Dearness Allowance (DA) rate this July. Currently, they receive 42% of their basic salary as DA. It is expected that the Central Government will soon make an announcement regarding the decision to raise the DA.
The Department of Expenditure (DoE) has made a new decision to grant eligible employees a last chance to exercise the pay fixation option, extending the opportunity for an additional three months.
7th pay commission revised salary
In 2023, the 7th Pay Commission took decisive steps to address the pay scales and allowances of central government employees, prioritizing the need for fair compensation. By introducing revised pay scales, the Commission sought to make a substantial impact on the income of these employees. The primary aim was to enhance their financial stability and enable them to cope with the mounting cost of living.
Expected that there would be a hike around 4% upon the existing percent of 38%. It means the basic salary structure for the level 2 grade employees starts from Rs.19,900/- till Rs.63,200/-. Including with dearness allowance and all other allowances.
7th pay commission latest news today 2023 for pensioners
Pensioners would also be eligible to get the pay hike under 7th pay commission under the scheme just like other government employees. Also including DA. The central government implemented significant improvements, including increased pension amounts and revised retirement benefits. These measures aim to offer retired employees the much-needed financial security they deserve after years of dedicated service. Also ensures that pensioners can enjoy a dignified and comfortable life after retirement.
7th pay commission table matrix
Here’s the revised pay scales for each grade to each level. Just have a look at the below document to get more clear and concise information.
Click here :- 7th pay commission pay matrix table
7th pay commission salary calculator
To calculate the salary under 7th pay commission, one must know the following factors :
Existing basic pay
Current fitment factor
Revised basic pay
Getting allowances like DA, HRA, Other special benefits
So let us try to understand with much better understanding. Let’s consider a person ‘A’ earns a round of -
Basic pay = Rs. 30,000
Fitment factor = 2.57
After revising under 7th pay commission, New basic pay = Rs. 30,000 x 2.57 = Rs. 77,100
HRA = 30% of Rs. 77,100 = Rs. 23,130
DA = 12% of Rs. 77,100 = Rs. 9,252
Gross Salary = New basic pay + Allowances
= Rs. 77,100 + Rs. 23,130 + Rs. 9,252
= Rs. 1,09,482/-
So, under the 7th Pay Commission, the gross salary for this employee would be Rs. 1,09,482/- per month. This is how one can simply calculate their revised salary under 7th pay commission latest news today 2023.
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