7th Pay Commission: No increase in minimum wage, change in fitness factor - What's next for central government employees
7th Pay Commission: No increase in minimum wage, change in fitness factor - What's next for central government employees
There was disappointment in the store for fifty lakh central government employees and the same number of retired people who were waiting for the minimum wage and increase in fitness factor beyond the 7th Pay Commission's recommendations. There was a lot of speculation that Prime Minister Narendra Modi could give some good news in the budget of his last Independence Day as Prime Minister in this period. Many people believed that in view of good monsoon and positive economic factors, a positive announcement could take place a few months before the general elections.
While Prime Minister Modi told how the Indian economy would be a powerhouse in the next three decades, they had no news for government employees.
Finance Minister P Radhakrishnan had earlier said in the Lok Sabha that the Prime Minister Narendra Modi government is planning to not raise any minimum wage for the minimum wage beyond the recommendations of the Seventh Pay Commission. However, the Haryana Government has approved the salary and education recommendations of teaching and non-education employees from January 1, 2015 in government universities, government universities and government-aided colleges.
The General Government has announced increment of salary for 17 lakhs state employees from January 2019 to 7th Pay Commission. . Clearly, the Central Government employees are also expecting some positive news. It can be noted that the government can announce such a decision at any time, and it does not need to be done on a particular day. It can come close to the high heel in the election.
It should be noted that the expectation of the minimum wage beyond the recommendations of the 7th CPC may be a blow to the Central Bank. Earlier this month, the Reserve Bank of India decided to increase the policy repo rate by 25 basis points to 6.5%. Reserve Bank of India has announced the RBI's announcement of 6.25% after its three-day monetary policy committee (MPC) meeting.
"The monetary policy committee of RBI has decided to increase the policy repo rate by 25 basis points to 6.5% under the Liquidity Adjustment Facility (LAF), as a result, as per the LAF, the reverse repo rate is 6.25% and the nominal permanent facility rate and bank rate The highest bank said in a statement, up to 6.75%.
RBI has mentioned in its report that the inflation rate has increased due to the implementation of the 7th Pay Commission. In July 2017, the revised HRA structure was under 7th Pay Commission.
At present, the Central Government employees are getting basic salary as per the 2.57 fitness formula of basic salary and if this major step has been taken then it will come as a big news for the Central Government employees. The fitment factor is a figure used by the 7th CPC, with which to fix the basic salary in the revised pay structure (i.e. 7th CPC), multiplying the basic pay in the 6th CPC rule (i.e. pay band + pay in grade pay) is done. The fitness factor prepared by the 7th CPC is 2.57.
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