According to media reports, soon the government employees are expected to get three good news regarding their salary. In form of dearness allowance (DA) is revised twice a year in January and July, it is scheduled to be revised next month. According to reports, in addition to DA, employees can also get 18 months DA arrears and interest on Provident Fund (PF).
According to a media report, the issue of payment of DA arrears of 18 months from January 2020 to June 2021 may be addressed soon and central government employees may also get arrears of Rs 2 lakh in one go. The amount of DA dues is decided by the pay band and composition of the employees.
And, as the government has already confirmed the interest rate on Employees’ Provident Fund, the Employees’ Provident Fund Organization (EPFO) will now credit the interest to the accounts of PF account holders. For the financial year 2021-22, the government has approved an interest rate of 8.10 percent on EPF.
On the DA front, as AICPI The higher the prevailing rate, the greater the possibility of an increase in dearness allowance to government employees. All . DA has been revised based on changes in India consumer price Index. retail inflation It stood at 7.04 per cent in May, which is above the RBI’s comfort level of 2-6 per cent.
According to media reports, there is a possibility of increasing the dearness allowance by four percent in July, due to which the DA will be 38 percent.
In March, the Union Cabinet approved a 3 per cent hike in Dearness Allowance (DA) under the Seventh Pay Commission, thus making the DA to 34 per cent of basic income. More than 50 lakh government employees and 65 lakh pensioners are getting benefits from this move.
“The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the release of an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from January 1, 2022, subject to an increase of Rs. represents. 3 per cent over and above the existing rate of 31 per cent of basic pay/pension to compensate for the price hike,” the Prime Minister’s Office had said in a statement.
Dearness allowance is given to government employees, while dearness relief is given to pensioners.
The central government had withheld three installments of DA and DR for January 1, 2020; July 1, 2020; and in view of the unprecedented situation arising out of the COVID-19 pandemic on January 1, 2021. Finance Minister Nirmala Sitharaman has said that in a written reply to a question in Rajya Sabha in August last year, the withholding of DA and DR resulted in savings of about Rs 34,402 crore.
The central government had in July 2021 increased the DA and DR for central government employees and pensioners from 17 per cent to 28 per cent respectively. Again, in October 2021, central government employees saw a 3 per cent hike in dearness allowance.
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