Cabinet clears 4 pct hike in DA for central govt employees
New Delhi/IBNS: The Union Cabinet chaired by Prime Minister Narendra Modi on Friday has given its approval to release an additional instalment of Dearness Allowance (DA) to central governments employees and Dearness Relief to Pensioners with effect from Jan 1 of this year.
The additional instalment will represent an increase of 4 per cent over the existing rate of 38 per cent of the Basic Pay/Pension, to compensate for the price rise.
This will take the total to 42 per cent.
The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs.12,815.60 crore per annum.
This will benefit about 47.58 lakh central government employees and 69.76 lakh pensioners, an official statement said.
This increase is in accordance with the accepted formula which is based on the recommendations of the 7th Central Pay Commission.
The centre last revised DA in September 2022, effective retrospectively from July 1, 2022. That time, too, it was raised by 4 per cent to 38 per cent.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Durga Puja days passed off peacefully across Tripura, immersion carnival “Mayer Goman” on Oct 4
German envoy warns Indian students against overreliance on agents amid rise in visa rejections
UN chief Antonio Guterres condemns deadly terrorist attack on Manchester synagogue
Kriti Sanon wraps up Italy leg of Cocktail 2 shoot, sums up her work trip in an Instagram post
