Wednesday, November 18, 2015
Central government employees and pensioners are likely to be disappointed as the 7th Pay Commission is expected to propose an approximate 15 per cent hike in salaries starting January 1, 2016, sources told NDTV.
The recommendation, which will become effective after a Cabinet nod, will impact 50 lakh central government employees and 54 lakh pensioners.
The 15 per cent salary hike likely to be recommended by the 7th Pay Commission will be much lower than the 35 per cent hike employees got on implementation of the 6th Pay Commission in 2008.
A 15 per cent salary increase would push up the central government’s salary bill by Rs 25,000 crore, which is 0.2 per cent of India’s GDP, according to Bank of America Merrill Lynch estimates.
Economists expect the wage hikes to boost the consumption-driven recovery in the domestic economy. Sales of affordable homes and consumer durables such as cars, two-wheelers and other electronic items are likely to pick up, analysts say.
On the flip side, salary hikes are also expected to stoke inflation and fiscal pressures, economists say.
According to sources, the recommendations of the 7th Pay Commission will be submitted to the finance minister on Thursday. The 7th Pay Commission is unlikely to suggest changes in the retirement age of central government employees, sources said.
Pay Commissions are meant to review the salary structure of central government employees and are set up every 10 years.
Ministry of Railways Decides to Increase the Minimum Chargeable Fare From Rs.5 to Rs.10 for Non Suburban Services Only to Make it at Par with the Platform Ticket Charges.
The Decision will be Effective from 20th November, 2015
The Move AIMS at Meeting the Objective of Controlling the Rush on Platforms for the Convenience of the Passengers
Ministry of Railways had in the last Budget revised the price of Platform ticket from Rs.5 to Rs.10 with a view to control the rush on platforms. However the objective could not be realised as passengers started purchasing the minimum single journey second class tickets priced at Rs.5 in lieu of the Platform ticket.
Therefore, Railways have now decided to increase the minimum chargeable fare from Rs.5 to Rs.10.It will be effective from 20/11/2015 to make it at par with the Platform ticket charges. To begin with this will be applicable only to Second class Non-suburban services only. It is hoped that this step will bring down the rush on the platforms to manageable levels.
PTI News :
New Delhi, Nov 17 (PTI) The 7th Pay Commission will submit its report to Finance Minister Arun Jaitley on Thursday recommending increase in remuneration of central government employees as well as pensioners. "We are ready with the report and will submit it on November 19," the Commission's Chairman Justice A K Mathur told PTI.The Commission was set up by the UPA government in February 2014 to revise remuneration of about 48 lakh central government employees and 55 lakh pensioners. Its recommendations will also have a bearing on the salaries of the state government staff.The Union Cabinet had extended the term of the panel in August by four months, till December.Government constitutes the pay commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.
As part of the exercise, the commission holds discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as Defence services.The recommendations of the 7th Pay Commission are scheduled to take effect from January 1, 2016.Besides Chairman, other members of the commission are Vivek Rae, a retired IAS officer of 1978 batch, and Rathin Roy, an economist. Meena Agarwal is secretary of the commission.The 6th Pay Commission was implemented with effect from January 1, 2006; the 5th from 1 January 1996, and the 4th from January 1, 1986.
Employment News : 14th November to 20 November 2015.
Source : http://employmentnews.gov.in