7th Pay Commission – over 23.5% pay hike likely

Economics | :

News: Finance Ministry would soon propose a 23.55% overall increase in salaries and pensions for more than 1 crore government employees and pensioners
The proposal is in line with the 7th Pay Commission’s recommendations
Impact: Cost to the exchequer on this account is estimated at Rs 1.02 lakh crore, an additional outgo of 0.65% of the GDP
Background: In November 2015, the pay panel had recommended increases of 16% in pay and 24% in pensions within the overall 23.55%