At present the fitment factor of the employees is 2.57 per cent, which can be increased to 3.00 per cent or 3.68 per cent. This will increase the basic salary from 18000 to 21000 or 26000 directly. More than 52 lakh employees will get its benefit.
Central Employee Salary Hike: Before 2024, central employees and pensioners can get 3 big gifts. It is reported that once again before the upcoming elections, the central government may increase the dearness allowance of the government employees by 4 percent, the fitment factor may be amended and the house rent allowance may also be increased. If this happens, about 1 crore employees-pensioners will get benefits and there will be a jump in salary-pension.
Revision of fitment factor rates possible
According to media reports, the Modi government at the Center may revise the rates of fitment factor of the employees before the upcoming elections. In this regard, the Department of Expenditure can consider soon and the recommendations given on the basis of review can be sent to the Ministry of Finance. The decision on the same fitment factor can be taken next year in 2024 at the time of formation of the new pay commission. With the increase in the fitment factor, the salary of the employees will increase by two and a half times.
Salary will increase from 49000 to 63000 in the account
According to media reports, at present the fitment factor of the employees is 2.57 per cent, which can be increased up to 3.00 per cent or 3.68 per cent. This will increase the basic salary from 18000 to 21000 or 26000 directly. More than 52 lakh employees will get its benefit. Since elections are due in 2024, the fitment factor may be implemented from 2026. However, official confirmation is yet to be made.
For example, if the basic salary of an employee is Rs 18,000, then his salary excluding allowances will be 18,000 X 2.57 = Rs 46,260. On being 3.68, the salary will be Rs 95,680 (26000 X 3.68 = 95,680) i.e. there will be a profit of Rs 49,420 in salary. After 3 times the salary will be 21000 X 3 = Rs 63,000. Same basic salary of 15500 can increase to Rs 39835.
DA expected to reach 46% in July
The DA of central employees and pensioners may be increased once again by 4 percent, after which DA is expected to increase from 42% to 46%. Since January and July DA increases 2 times in a year, which is calculated by AICPI index is done on the basis of The figures till March have been released by the Labor Ministry, after which the AICPI score has increased from 132.7 to 133.3, although the figures for April to June are yet to come, after which it will be indicated that how much will be the final increase in DA in July. Its benefit will be given to 48 lakh employees and 69 lakh pensioners.
House rent allowance may increase
According to media reports, the next revision in house rent allowance along with dearness allowance may be up to 3%. Thereafter the maximum HRA will increase to 30% from the existing rate of 27%. But this will happen only when DA crosses 50%. It is estimated that it may be decided by 2024. According to the memorandum of the Finance Department, HRA will be 30%, 20% and 10% when DA crosses 50%. The category of house rent allowance is according to X, Y and Z class cities. The central employees who fall in the X category are getting 27% HRA, which will be 30% if the DA is 50%. For Y class it will increase from 18% to 20%. For Z class people, it will increase from 9% to 10%.
