Exciting Times Ahead for Central Employees
The Diwali festival is shaping up to be a fantastic time for central government employees. With the festive season approaching, there’s a lot of anticipation around the upcoming financial benefits. Just before Dhanteras, it seems like a wave of prosperity, symbolized by Goddess Lakshmi, is set to bless these employees. It’s a time when many are looking forward to enjoying the festivities with a bit more financial comfort.
Revised Dearness Allowance on the Horizon
There’s some good news on the dearness allowance front as well. It’s expected that the revised dearness allowance will be included in the salary for October. Many are hopeful that the increase, which is likely to be approved under the 7th Pay Commission by the end of October, will lead to a significant jump in their salaries. Additionally, employees can expect to receive arrears for the past three months, which adds to the excitement of the upcoming pay increase.
Impact of the 3% Increase in Dearness Allowance
With a potential 3% increase in the dearness allowance, central employees are eagerly calculating how this will affect their take-home pay. Currently, the dearness allowance is at 50%, but with the anticipated increase, it will rise to 53%. For example, if we consider a basic salary of Rs 56,900, the new dearness allowance would amount to Rs 30,157. This means that on an annual basis, it could translate to approximately Rs 3,61,884. More than one crore employees and pensioners will benefit from this hike, which is set to be implemented from July 1, 2024, with arrears from the previous months being paid out as well. Overall, it’s a win-win situation for many!”
SHOTRS COVERAGE.
The Diwali festival promises significant benefits for central employees, with a potential increase in dearness allowance (DA) expected by the end of October 2023. A 3% hike in DA, raising it to 53%, is anticipated for July 2024, impacting over 1 crore employees and pensioners. For those on a basic pay of Rs 56,900, this translates to an annual increase of approximately Rs 3,61,884. The revised DA will also include three months of arrears for July, August, and September.