7th Pay Commission Latest updates
- Total Increase is likely to be 23.55%
- Salary Hike 16%
- Allowance Increase 65%
- Pension Increase 24%
- Grade pay to be abolished. No Grade pay for Government employees now.
- Bay Band also to be abolished for Central Government employees.
- Total impact only on central govt employees leaving apart PSU would be around 1.2 Lakh Crores.
- Annual Hike to be maintained at 3%
- To be implemented from 1st January 2016.
- Retirement age to be fixed at 60 Years , no change in retirement age for central government employees.
- Insurance to be extended to Central Government employees.
- Minimum salary to be 18,000/-
- Minimum salary for Defense to be 15,500/-
- Impact on Railways budget 28,000 Crores
- Basic salary hike to be 14.27%
- Gratuity amount doubled to 20 Lakh
- Maximum salary to be 2.25 Lakh
- Impact on budget 74,000 Crores
- One rank one pension to be extended.
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