For the implementation of 7th Pay Commission report implementation Union Budget 2016 has allocated as much as Rs 70,000 crore as outgo on government employees' pay and pension, a top finance ministry official said. 7th Pay Commission implementation in toto is to cost the government Rs 1.02 lakh crore. The official also said the finance ministry has fully provided for OROP scheme for defence personnel. (Reuters) -
While Budget 2016 did not provide an explicit overall provision number, the government had said the 7th Pay Commission implementation hike has been built in as interim allocation for different ministries and budget numbers were credible. (Reuters)
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"We have provisioned for around 60-70 per cent of the total 7th Pay Commission implementation burden that was talked about," the official said adding about Rs 70,000 crore has been provided in Budget 2016. (Reuter
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According to Melbourne Mercer Global Pension Index (MMGPI) 2016, India showed maximum improvement in global pension and its index value has improved to 43.4 in 2016 from 40.3 in 2015. (Reuters)
The finance ministry has provisioned for 7th Pay Commission report implementation in the Demands for Grants for individual departments and ministries. It is built into and subsumed into those allocations. "No one actually knows what will be the actual burden on the exchequer for the implementation of 7th Pay Commission report recommendation. We have calculated internally and allocated to various ministries and departments accordingly," the official said. (Reuters) -
The government in January set up a high-powered panel headed by Cabinet Secretary P K Sinha to process 7th Pay Commission report recommendations which will have bearing on the remuneration of 47 lakh central government employees and 52 lakh pensioners. The Empowered Committee of Secretaries will function as a Screening Committee to process the recommendations with regard to all relevant factors of the Commission in an expeditious detailed and holistic fashion. (Reuters)
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Faced with the burden of 7th Pay Commission report implementation, there were concerns on whether the government would be able to stick to the fiscal deficit target of 3.9 per cent for 2016-17. However, in Budget Finance Minister Arun Jaitley dispelled doubts and promised to adhere to the fiscal consolidation roadmap and stick to 3.9 per cent deficit target. (Reuters)
