7th Pay Commission 2018
Hello friends here we have some important news for you all related with 7th Pay Commission 2018. Here we are talking about the 7th pay commission & its key highlights from the press conference of Mr. Arun Jaitley. Main highlight of this conference is that the minimum pay of Rs.18, 000 has been recommended against the existing Rs.7, 000 per month. The previous 6th Pay Commission had recommended a 20 per cent hike while the 7th Pay commission panel had in November last year recommended 14.27 per cent hike in basic pay at junior levels.
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Highlights from Finance Minister Arun Jaitley’s press conference
- Minimum pay of Rs 18,000 per month has been recommended for the junior level employees against the existing Rs 7,000 per month.
- 3 per cent rate of annual increment is being retained at same.
- The 7th pay commission has recommended abolishing 52 other allowances altogether
- The maximum pay for apex scale is Rs 2,25,000 per month
- Rs 2,50,000 per month is the maximum pay for Cabinet Secretary and others presently at the same pay level
- Based on the minimum pay, a fitment factor of 2.57 is being proposed to be applied uniformly for all employees
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Cabinet approves Implementation of the recommendations of 7th Central Pay Commission
- Another 36 allowances have been abolished as separate identities, but subsumed either in an existing allowance or in newly proposed allowances
- Ex-gratia lump sum compensation increased
- Military service pay increased
- Existing rates of monthly contribution towards Group Insurance to continue as it is
- Grade Pay & Pay Band structure to be replaced by Pay Matrix, comprising 19 Levels
- Gratuity has been increased from 10 lakh up to 20 lakh
- The total financial impact in the Financial Year 2016- 2017 is likely to be ₹1,02,100 crore
- Total annual burden of pay, pensions and arrears of 7th Pay Commission recommendations stands at Rs 1,02,100 crore
- Two dates of increments in place of existing one as per the decision is 1st January and 1st July
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