7th Pay Commission: Latest update for employees! Expect a potential percentage increase in dearness allowance by 2024

7th Pay Commission DA Hike: The Modi administration at the Centre has offered the gift of dearness allowance, Diwali bonus and 3 months’ arrears to central employee pensioners ahead of Diwali. Employees’ salaries and pensions were boosted in November, and they were also granted the benefit of three months’ arrears and a bonus.

The next dearness allowance will be changed in 2024, although the amount of increase will be determined by the AICPI index’s half-yearly data. Based on AICPI index data through September, it is predicted that DA will be 50% or higher in the coming year. It is possible to cross.

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DA latest News Today 2023 Central government employees

Actually, the Central Government revises the DA/DR rates of central employees-pensioners twice a year, in January and July, based on the AICPI index’s half-yearly data. New rates were published for 2023, and the next DA will be updated in 2024, based on AICPI index data from July to December 2023.

Following the release of the AICPI index numbers for July and August, the All India CPI-IW has decreased by 1.7 points to 137.5 in September, despite which the DA score has decreased to 48.54 per cent because there has been a 2.50 per cent increase in the numbers. October, November, and December data have yet to be announced.

If this figure exceeds 49% in October, it is predicted to exceed 50% by December; in this case, DA can climb by 4%; nevertheless, the statistics from October, November, and December will determine how much DA will be in January 2024. It will rise, and the ultimate decision will be made by

Will the new pay commission be implemented for central govt employees?

If the DA rates are increased by 4% for January 2024 next year, DA will reach 50%; in this case, employees’ salaries would be altered since the Central Government has revised the DA laws with the creation of the 7th Pay Commission. It was determined that when DA reaches 50%, it would become zero; 50% DA will be granted by adding it to the existing basic income, and DA calculation will begin at zero. Many allowances will also be increased by up to 25%.

Because the 7th Pay Commission was formed in 2013, and its recommendations were adopted in 2016, there is conjecture that if DA exceeds 50% and becomes zero, the government may be forced to form a new pay commission (8th Pay Commission). Or would a new rule addressing compensation increases be required? Since a new pay commission has been formed every ten years till now, the government may have to consider a new pay commission in 2024, which has not been formally announced yet but may be projected given the existing situation. It used to be.

This is how Dearness Allowance is Calculated for the Central Government

DA for Central Government workers is computed using the All India Consumer Price Index for the previous 12 months (Base Year-2001=100-115.76/115.76X100). The methodology for Central Public Sector personnel is as follows: Average of three months All India Consumer Price Index (Base Year 2001=100-126.33/126.33X100). In other words, dearness allowance is computed by multiplying the current rate of DA by the amount withdrawn.

7th Pay Commission data of the AICPI Index September 2023 date

The Labour Bureau, an associated unit of the Ministry of Labour and Employment, compiles the Consumer Price Index for Industrial Workers every month based on retail prices gathered from 317 marketplaces in 88 major industrial centres around the country. This index is calculated for 88 centres and the entire country, and it is issued on the last working day of the month following. This news release contains the index for the month of September 2023.

The All India CPI-IW for September 2023 dropped by 1.7 points to 137.5 (137.5%). On a month-to-month percentage change basis, it has decreased by 1.22 per cent compared to the previous month, whereas it increased by 0.84 per cent a year ago. Year-on-year inflation is anticipated to be 4.72 per cent in September 2023, compared to 6.91 per cent this month and 6.49 per cent in the same month a year ago. Similarly, the food inflation rate was 6.52 per cent last month, down from 10.06 per cent the previous month and 7.76 per cent a year earlier.

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