Pay panel for 23.55% salary hike: 10 facts Pay panel for 23.55% salary hike: 10 facts
The recommended date of implementation is 1 January, 2016. A quick look at what it means in terms of additional financial liability, and structure, if accepted in totality.
Joe C Mathew - Updated Nov 20, 2015, 4:07 PM IST
The recommended date of implementation of Pay Commission is 1 January, 2016. (Photo: Reuters)
Joe Mathew, Senior Associate Editor, Business Today
The Seventh Pay Commission has submitted its report to Finance Minister
Arun Jaitley. The recommended date of implementation is 1 January, 2016. A quick look at what it means in terms of additional financial liability, and structure, if accepted in totality.
- Additional burden of Rs 1,02,100 crore as total salary outgo in 2016/17. This includes Rs 39,100 crore as extra pay, Rs 29,300 crore as allowances, and 33,700 crore as pension.
- Minimum monthly pay in Central government to be Rs 18,000, maximum Rs 2,50,000.
- Introduction of performance-linked pay in all levels of government.
- Consolidated pay package of Rs 4,50,000 and Rs 4,00,000 per month for regulators.
- Retirement age to be fixed at 60 (not unanimous opinion).
- Introduction of health insurance scheme.
- Revised pension formula for pay parity for same length of service.
- Enhanced ceiling of gratuity to Rs 20 lakh.
- Enhanced insurance coverage under group insurance scheme.
- Abolishment of 52 allowances.
Published on: Nov 20, 2015, 7:28 AM IST
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