7th Pay Commission: Uncertainty looms over Central govt employees’ Rs 26k Minimum Pay hike
Three days to go to decide the fate of the long-standing demand of the Central government employee as it is expected that Prime Minister Narendra Modi will make an important announcement related to the further hike in the minimum pay as recommended by the 7th Pay Commission.
Further hike of Rs 8,000 in minimum pay has been the demand of the 50 lakhs Central government employees since the day of implementation of the recommendations of the 7th Pay Commission last year. However, after much assumptions and presumptions it is expected that an announcement will hit the headlines on the Independence Day.
The CG employee’s, at present, are getting Rs 18,000 and want Rs 26,000- an increase in the fitment factor by 3.68 times from the existing 2.57 times.
On the other hand, the Reserve Bank of India has recently said that it will increase the policy repo rate and also hike the reverse repo rate following its three-day Monetary Policy Committee (MPC) meeting.
“RBI’s Monetary Policy Committee has decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5% Consequently, the reverse repo rate under the LAF stands adjusted to 6.25% and marginal standing facility rate and Bank Rate to 6.75%,” the RBI had said in a statement.
Meanwhile, some reports claim it could pose a hindrance before the Modi government’s announcement and the CG employees’ hope might get crushed again.
Of all, the Central government employees have to wait till August 15 to know what the Modi government has in store for them.