PERSONAL-FINANCE
New Delhi: Over 1 crore central government employees and pensioners waiting for the much needed dearness allowance (DA) hike, might get the good news today. As per news reports, the Union Cabinet may approve 3 percent DA hike in its meeting today. Reports add that the DA hike will also result in employees getting October month's slary with the increased amount along with 3 months' arrears. It is expected that the Dearness Allowance is likely to be increased by 3%, bringing the DA to 53 percent. 7th Pay Commission: How Does Govt Calculate DA Hike? The percentage rise in the All-India CPI-IW 12-month average is used to determine the DA hike. Although the central government updates the allowances annually on January 1 and July 1, the decision is announced usually in March and September/October. 7th Pay Commission: How will the July 2024 DA Hike be decided? According to expert predictions, the dearness allowance will grow by 3% in July 2024, bringing the DA from 50% to 53%. According to AICPI data, figures have arrived till May 2024. The total DA score has reached 52.91 percent. Now, the numbers for June are to be seen. DA will be calculated after all the numbers of dearness allowances are received. 7th Pay Commission: DA Hike might be ₹1,00,170 DA will total 53% after a 3% increase in dearness allowance. In the case of Grade Pay ₹ 1800 to ₹ 2800 between Levels 1 and 5, an employee on Pay Band 1 (₹ 5200 to ₹ 20200) gets a salary of ₹ 31,500 then at the rate of 53 percent, the total dearness allowance will be ₹ 1,00,170. Currently, the employee receives Rs 94,500 at 50% based on six months. Talking about the difference from the existing dearness allowance, the salary will increase by Rs 945 per month. In 6 months, there will be a total increase of Rs 5670. 7th Pay Commission: How Much Money Will Increase After DA Hike? Understanding the calculation of basic salary The basic salary of the employee is Rs 31,500 Current Dearness Allowance (50%) Rs 15,750/month Dearness Allowance (50%) for 6 months Rs 94,500 New Dearness Allowance (53%) Rs 16695/month None
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