7th Pay Commission: Will DA Hike Be Announced Today? All Eyes on Union Cabinet Meeting

7th Pay Commission DA hike announcement

7th Pay Commission: Government to bring good news for employees and pensioners with expected increase in DA and DR after Cabinet meeting tomorrow: Reports. DA is for serving employees and DR for pensioners. These are revised twice a year in January and July with announcements later. In March, government had announced 4% DA from January 2024. Right now both central government employees and pensioners get 50% of their basic salary or pension as DA and DR respectively.

Also Read: Why RBI Declared October 10 as a Bank Holiday: Here’s What You Need to Know

Union Cabinet, led by PM Modi to meet today and may take a decision on DA hike though no official word yet. If DA and DR is announced, it will benefit around 1.15 crore central government employees and pensioners. It will be a big relief as prices are rising. Dearness Allowance (DA) is a part of an employee’s basic salary which is given to offset the impact of inflation. It’s revised every six months to keep pace with the rising cost of living and gives government employees some relief from increasing prices.

DA hikes are based on All India Consumer Price Index (CPI-IW) for industrial workers which reflects the cost of living. These are revised twice a year on January 1 and July 1.

Also Read: Virat Kohli Requested Tailored Prenatal Nutrition Plans for Anushka Sharma: Nutritionist Reveals

Confederation of Central Government Employees and Workers had written to Finance Minister Nirmala Sitharaman recently expressing concern over the delay in the DA/DR hike. Dearness allowance which is meant to offset the impact of inflation is reviewed twice a year in January and July though official announcements come later. Right now DA is 50% and expected to go up to 53% from July 1, 2024.

This will help calculate how much DA increase employees will get based on the inflation trend.

Employees are waiting for the announcement which may give 3% DA. The increase will be effective from October and arrears for the previous three months i.e. July to September.

Centre may announce DA and DR hike for central government employees and pensioners after Cabinet meeting today.

Over one crore beneficiaries will be watching out for the decision as prices are rising and Diwali is around the corner.

Also Read: Saraswati Puja During Navratri 2024: Rituals, Mantras, and Significance