Business News
Dearness allowance hike: Cabinet approves 4% increase for central government employees, pensioners
1 min read | Updated on March 07, 2024, 20:57 IST
SUMMARY
Dearness Allowance and Dearness Relief: 49.18 lakh employees and 67.95 lakh pensioners to benefit from the hike which is based on the recommendations of the 7th Central Pay Commission.
The hike will benefit about 49.18 lakh central government employees and 67.95 lakh pensioners
The Union Cabinet has approved an additional instalment of Dearness Allowance (DA) for the central government employees and dearness relief (DR) for the pensioners effective from January 1, 2024.
This marks a 4% rise over the existing rate, which stood at 46% of the basic pay/pension.
The impact on the exchequer is estimated at ₹12,868.72 crore annually. Almost 49.18 lakh Central Government employees and 67.95 lakh pensioners are set to benefit from this increase.
This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.
About The Author
Next Story
