November 19, 2015, i.e. Yesterday was the day when Justice AK Mathur submitted the latest updates of Seven Pay Commission to the Finance Minister of India, Mr. Arun Jaitley.
The Seventh Pay Commission, in lieu to the reconstruction of salaries and pensions of the government employees, is much-awaited and influential in its own way. Under the judiciary of Justice AK Mathur, the government on Thursday presented the latest updates on Seventh Pay Commission. As per the reports, the latest amendments will come into practice from January 1, 2016. It is notable that the central Government employees must be eagerly waiting for the revising of seventh pay commission.
All that you need to know about the Seventh Pay Commission:
- The seventh pay commission first came into practice under the UPA governance in India. Since its inception in the year 2014, it is headed by Justice AK Mathur.
- Within the duration of 10 years, the government is designated to constitute the Pay Commission. It is a direct effort to revise the pay scale of employees.
- If statistics is to believe, then about 48 lakh central government employees and 55 lakh employees seeking for pensions will be affected by the revision of pay commission.
- The latest report has suggested an increase of about 23.55% in the current salaries and pensions of all government employees. The division of hike is as follow- 16% in salaries, 63% of allowances and 24% of pension.
- The Seventh Pay Commission has fixed a monthly minimum wage of at least Rs 18,000. However, the maximum pay limit would be nothing beyond 2.5 Lakhs monthly. The commission has also suggested the retention of 3% increment, abolishing the pay band and grade pay.
- The Seventh Pay Commission has also suggested the proposition of One Rank One Pension for civilian government employees.
The total estimated impact of the update would be anything near Rs. 1.02 Lakh crore.