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7th Pay Commission report. It's celebration time for close to 10 million babus – 4.7 million Central government employees and 5.2 million pensioners – across the country now that the Cabinet has approved the recommendations of the Seventh Pay Commission headed by PK Sinha. The 7th Pay Commission had in November suggested a 14.27% increase in basic pay. Add on the increase in allowances, it works out to an increase of 23.55%. (Express Photo)
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While the government has agreed that the recommendations will be effective from Jan 1, 2016 it is yet to clarify whether the arrears would be paid in one instalment or more. Depending on how the arrears are paid, expect a splurge in spending driving up the sale of consumer durables in the period before the festive season. That could drive consumption and investment over the next few months, providing an impetus to the economy. It could also lead to increased production and possibly better profits for some industries. (Express Photo)
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The total ougo for the government would be in the region of Rs 1.02 lakh crore – 0.7% of GDP. Of that Rs 28,450 crore will be borne by the railways. With over 5 million retired government employees, the pension payout at Rs 33, 700 crore is just slightly lower than the pay burden of Rs 39,100 crore. (Express Photo)
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While the pay commission happens once in a decade, it is not that government employees are in a lurch in between. Their dearness allowance is adjusted every six months to factor in price rise. With this award, the lowest pay in the government rises to Rs 18,000 while the maximum will touch Rs 250,000. (Express Photo)
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Based on how the 7th Pay Commission report money is paid, the government has a task ahead to maintain the agreed fiscal deficit target of 3.5%. (Express Photo)
US announces new rules for selection of H-1B visa for foreign workers
