Budget 2023: 7th pay commission these 2 major announcements likely for central govt employees
By Lokmat English Desk | Published: January 23, 2023 02:03 PM2023-01-23T14:03:17+5:302023-01-23T14:03:17+5:30
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Modi government's last budget of this term is going to be presented. This budget will be presented on February 1. Government employees can get two gifts in this budget. Finance Minister Nirmala Sitharaman Changed the fitment factor of employees' salaries in the budget.
Along with this, house building allowance advance to employees can also be increased from Rs 25 lakh to Rs 30 lakh. There are many big announcements in this budget for government employees.
According to a report, there has been a long debate on wage revisions under the 7th Pay Commission. The salary of central government employees may be revised through fitment factor in the next pay commission.
The government is of the opinion that the salaries of government employees should be increased every year instead of every 10 years. Therefore, it is being said that the way will be paved for the employees in the lower positions to get the same salary as the officers sitting in the higher positions.
Former finance minister late Arun Jaitley's idea is to increase the salary of employees every year. While approving the 7th Pay Commission in 2016, Jaitley had said that it is time to increase the salaries of employees every year. This benefits junior level employees.
According to reports, one year is left for the establishment of the 8th Pay Commission. In such a situation, the government can introduce a new formula in the budget for salary revision of employees. The system of salary increase every year can be implemented from the next budget only.
Budget 2023 may see two major announcements regarding house construction allowance for central government employees. The government can increase both the advance amount of allowance and the interest charged on it. 25 lakhs at present for construction or repair of central employee houses.
Currently, the interest rate on housing allowance is 7.1 percent. In Budget 2023, Nirmala Sitharaman may revise the interest rate of HBA to 7.5 percent and raise the advance limit to Rs 30 lakh from the current Rs 25 lakh.
