Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
26 March, 2017 20:22 IST
Cabinet approves additional 2% dearness allowance from Jan 1
Source: IRIS | 16 Mar, 2017, 02.17PM
Comments  |  Post Comment

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. January 1, 2017. It has increased by 2% over the existing rate of 2% of the Basic Pay/Pension, to compensate for price rise.

This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs 58.57 billion per annum and Rs 68.33 billion in the Financial Year 2017-18 (for a period of 14 months from January, 2017 to February, 2018).

This will benefit about 48.85 lakh Central Government employees and 55.51 lakh pensioners.

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Economy Watch
Crude oil price of Indian basket rises marginally - 24-Mar-2017 12:04
Cabinet approves amendment of in Customs and Excise Act - 23-Mar-2017 14:59
Crude oil price of Indian basket falls 2% - 23-Mar-2017 13:06
Crude oil price of Indian basket rises marginally - 22-Mar-2017 11:29
Crude oil price of Indian basket falls marginally - 21-Mar-2017 11:19
Cabinet approves four GST related bills - 20-Mar-2017 13:08
Crude oil price of Indian basket falls marginally - 20-Mar-2017 11:12
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer