India Forums

Go Back   India Forums > News & Current Affairs > India News > Money
FAQ Members List Calendar Search Today's Posts Mark Forums Read

Thread Tools Search this Thread Display Modes
Old 06-30-2016, 02:06 PM
Priyanka Gupta Priyanka Gupta is offline
Join Date: Dec 2014
Posts: 66
Post 10 interesting things about the 7th Pay Commission hike

Here are the 10 things you would like to know about the 7th pay commission recommendations and their impact:

1. The minimum salary recommended by the panel is Rs 18,000 a month and the maximum salary Rs 2.5 lakh a month.

2. The starting salary of Rs 18,000 is more than double the existing pay of Rs 7,000. On the other hand, the maximum salary has been increased from Rs 80,000 a month to Rs 2.5 lakh. The ratio of minimum to maximum salary is 1:11.4 to 1:13.9.

3. The ceiling of gratuity has been increased from the existing Rs 10 lakh to Rs 20 lakh.

4. Around 10 million government employees (including six million pensioners) would benefit from the pay hike.

5. The hike would be effective from January 1, 2016 and the revised salaries are likely to be paid July 1, 2016 onwards. Therefore, all government employees would get six months' arrears.

The government will decide if the arrears for the six months will be paid in one go or in instalments.

6. The increase in salaries of government employees is likely to boost consumption by Rs 40,000-50,000 crore and savings by around 30,000 crore. The boost to consumption would add 0.5 percentage points to the GDP.

7. The hike would mean an additional cost of Rs 1 lakh crore to the government, of which pension payments would account for Rs 33,700 crore.

8. A part of the additional cost to the government would be compensated by the increased income tax and sales tax following increased consumption.

India Ratings pegs the net impact on the central government finances at Rs 80,600 crore.

9. The hike in salary may increase inflation. The RBI's current inflation projections did not take into account the impact of salary hike.

10. The 6th pay commission had recommended a salary hike of 40 per cent in 2008, effective from January 1, 2006.

Reply With Quote
Old 06-30-2016, 02:49 PM
MiniGupta's Avatar
MiniGupta MiniGupta is offline
Senior Member
Join Date: Feb 2015
Location: Chandigarh
Posts: 574

For the current financial year, railway minister Suresh Prabhu has set the operating ratio, the amount railway spends to earn 100 rupees, at 92%, almost 2% higher than the last year's operating ratio.
Reply With Quote
Old 06-30-2016, 06:05 PM
Shilparana's Avatar
Shilparana Shilparana is offline
Senior Member
Join Date: Sep 2014
Posts: 978

No comments!!!! God bless common people.
Reply With Quote
Old 07-02-2016, 06:15 PM
Alka Thakur Alka Thakur is offline
Senior Member
Join Date: Nov 2015
Posts: 362

One clause is also added in this year pay commission is that only the employees whose performance is good will get all the benefits.
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

All times are GMT +5.5. The time now is 03:30 AM.

Powered by vBulletin Version 3.5.5
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.