Central government employees got a windfall courtesy the 7th Pay Commission which recommended on Thursday a 23.55% per cent jump in their salary and allowances. The Pay Commission is headed by Justice A K Mathur and the other members of the commission are Vivek Rae, a retired IAS officer of 1978 batch, and Rathin Roy, an economist. Meena Agarwal is secretary of the commission. The central government constitutes the pay commission every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications. The Commission was set up by the UPA government in February 2014 to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners.
Here are the top 10 highlights
1. 7th Pay panel submits report to FM Arun Jaitley; suggests 23.55% hike in pay and allowances of govt employees.
2. Pay will go up by 16%; increase in allowances will be 63%; increase in pension will be 24%.
3. Pay Commission report has to be implemented from January 1, 2016.
4. Minimum basic pay for central govt staff recommended at Rs 18,000; maximum pay Rs 2.25 lakh per month: Pay Commission.
5. Pay Commission recommends 3% annual increment and 24% hike in pension for central government staffers.
6. FY17 impact seen at Rs 1.02 lakh crore from implementation of the 7th Pay Commission.
7. One Rank One Pension recommended for central govt staffers as well as armed forces: Pay Commission.
8. Recommendation will impact 47 lakh serving govt employees, 52 lakh pensioners, including defence personnel: FM.
9. Total impact from implementation of 7th Pay Commission is Rs 1.02 lakh cr; including Rs 28,000 cr on Railway Budget: FM.
10. Implementation of 7th Pay Commission to impact fiscal deficit by 0.65%: FM.