BREAKING NEWS

BREAKING NEWS ""**Expected DA for Bank Employees from Aug 2024 MINIMUM 7 SLAB AND MAXIMUM 24 SLAB*****I *****

VISITOR FROM WORLD

Free counters!

YOU ARE VISITOR

Blog Archive

LIVE

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Wednesday, March 23, 2016

DA hiked by 6%, to benefit 1 crore employees, pensioners

On the eve of Holi festival, the government today hiked dearness allowance (DA) by 6 per cent, benefiting over 1 crore central government employees and pensioners.
The hike, which will cost the exchequer an additional Rs 14,724.74 crore annually, will take effect from January 1, 2016, Telecom Minister Ravi Shankar Prasad told reporters after the meeting of the Union Cabinet which took the decision.
The burden on exchequer would be Rs 6,795.5 core towards central government employees and Rs 7,929.24 crore towards pensioners during 2016-17, he said.
The DA, which will benefit, 50 lakh central government employees and 58 lakh pensioners, will go up from the existing 119 per cent to 125 per cent.
Dearness allowance is paid as a portion of basic pay of employees to neutralise the impact of inflation. Pensioners get dearness relief.
The central government revises DA twice in a year on the basis of one year average of retail inflation for industrial workers as per a pre-determined formula.
In September last year, DA was increased to 119 per cent from 113 per cent with effect from July 1, 2015.
In April last year, the government had hiked DA by 6 percentage points to 113 per cent of the basic pay with effect from January 1, 2015.

No comments:

Bank Unions Oppose PLI Scheme for Senior Bank Executives

AIBOC and AIBEA have written a letter to the DFS Secretary requesting him to review the recently introduced PLI Scheme for Senior Bank Execu...

script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">