With the triple bonanza, employees under the central government are up for receiving a massive sum in their bank accounts in the next month.
7th Pay Commission latest news: After months of waiting, lakhs of central government employees are set to finally get the good news in September. While the much-anticipated Dearness Allowance (DA) hike is the talk of the town, two more big gifts are on the cards. A DA hike of 4 percent is expected to be announced around Navratri next month which will take the overall figure to 38 percent for central government employees. Apart from DA, two more bonanza announcements could be made in September related to the demand for DA arrears and finally, interest money for Provident Fund (PF) accounts.
With the triple bonanza, employees under the central government are up for receiving a massive sum in their bank accounts in the next month. This will be a massive boost at a time when rising inflation has stressed household finances.
While DA hike could reportedly be announced after the next cabinet meeting and around Navratri 2022, the interest amount for PF could come by August-end or in September, it was reported.
With the DA hike decided on the basis of AICPI data, a hike of 4 percent is all but confirmed. All India Consumer Price Index climbed to 129 with a 1.3 point increase in May, followed by a 0.2 point hike in June to take it to 129.2.
It has also been reported that the matter of 18-month DA arrear, a long standing demand for compensation for freeze amid Covid-19, could now soon result in positive news. The matter has now reached PMO, DNA affiliate Zee News Hindi reported. A decision on the matter could be taken soon. It has also been reported that the employees’ side is willing to discuss a settlement and discuss the method of payment for the same.
Finally, over 7 crore account holders with the Employees' Provident Fund Organisation (EPFO) will receive interest amounts by the end of this month. Account holders will receive PF as per 8.1 percent interest rate this time, the report said.
READ | 7th Pay Commission: DA hike for central employees, announcement date, 18-month arrear, check latest updates
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