7th Pay Commission: Finance Minister Nirmala Sitharaman will introduce the Union Budget for 2023-24 in the Lok Sabha on February 1, amid hopes that the government will raise the income tax slab and provide relief to middle-class taxpayers, among many other things. (Latest news on 7th Pay Commission)
According to media reports, the Modi government is expected to make three important announcements on central government employees in the upcoming Budget 2023.
According to the media reports and expectations, the first statement would likely provide some respite to government employees, while the second and third will certainly strain their pockets. (Latest news on 7th Pay Commission)
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Central government employees’ salaries are likely to be revised using the fitment factor in the next pay commission.
According to reports, the government is also planning to use a new formula for employee compensation revision. It is vital to note that the establishment of the 8th Pay Commission has only one year left.
Budget 2023: Expected Announcement No. 2 for Employees
The Modi government is also expected to make a major announcement in Budget 2023 about House Building Allowance (HBA) for central government employees. Currently, central government employees can receive this allowance as a government advance for building or repairing a home.
Under this allowance, the employee might receive an advance of up to Rs 25 lakh for the construction of a house. Instead, the government charges interest on it.
Budget 2023: Expected Announcement No. 3 for Employees
In March 2023, the central government is also anticipated to increase the DA of central government employees. The first DA increase of 2023 will take effect in January. The most recent AICPI results slightly disappointed those workers who were hoping for a raise of more than 4% this time.
The All-India Consumer Price Index (AICPI) number increased between April and October but remained unchanged in November. The AICPI is important in determining the amount of the DA increase for government employees. An rise would have raised hopes for a larger DA boost.
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