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7th Pay Commission News Today: 4% DA Hike, Change in Formula of Dearness Allowance Calculation Likely on Holi 2023

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Mumbai, January 3: The festival of Holi is likely to bring some good news for government employees under 7th pay commission as the Centre could take decision on next Dearness Allowance (DA) hike. As per reports, Central government employees, who received a 4 percent DA hike in March 2022 are most likely to receive their next DA hike soon.

Ever year, DA of central government employees under 7th CPC is raised twice – first in January and then in July. Last year, the Centre increased DA of its employees first in March and then later in September. Going by the recent trends of the Central government, the next DA hike could be announced in March 2023, which is hardly two months from now. 7th Pay Commission: DA Hike, Increase in Fitment Factor Likely on Holi in March 2023? Check Latest News Updates Here.

Various media reports suggest that Central government employees could get 3 to 5 percent DA hike, however, there has been no official announcement by the government on the same. Meanwhile, a report in DNA also said that the existing formula which is used to calculate DA will be replaced with a new one.

Reports claim that the formula for DA calculation has already been changed by the Ministry of Labor and Employment. According to reports, the Central government has decided to change the base year for Dearness Allowance hike. Reportedly, a new series of Wage Rate Index (WRI) has already been released with base year being 2016. 7th Pay Commission Thing of Past? Salary of Central Government Employees to Increase As Per 8th CPC? Check Latest News Updates Here.

The old series of WRI with the base year 1963-65 is going to be replaced with the new series and base year 2016 under the 7th Pay Commission rules. It must be noted that the DA hike of government employees is calculated based on the current DA employment rate and the basic salary.

(The above story first appeared on Today News 24 on Jan 03, 2023 03:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).

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