Posts

Showing posts from August, 2014

Finance Ministry to put a Cabinet proposal for approval of 7% DA hike

Government is likely to approve a hike in dearness allowance (DA) to 107% from the existing 100%, benefiting around 30 lakh Centre's employees and its 50 lakh pensioners including dependents. "The average rate of retail inflation for industrial workers from July 1, 2013 to June 30, 2014 works out to be 7.25%. Thus the Central government will hike dearness allowance for it employees by 7%," an official said. He said the Finance Ministry will now put a Cabinet proposal for approval of 7% DA hike from July 1 this year as the revised Consumer Price Index-Industrial Workers data for June was released by Labour Ministry yesterday. With increase in DA, the pensioners will also gain as the benefit provided to them as dearness relief will be hiked to 107% of basic pay. The previous UPA government had increased DA to 100 per cent from 90 per cent with effect from January 1, 2014, on February 28 on the basis of agreed formula for revision of the allowance. However, the c