7th pay commission news: Dearness allowance has been increased by 4 percent from January 2024. This is to be credited in the March salary. This time banks will also open on 31st March i.e. Sunday. There will be work in banks due to the closing of the financial year.
7th pay commission latest news today: The evening of 31st March is going to be memorable for the central employees. This time, increased dearness allowance will be added to his salary. This will be 50 percent. Dearness allowance has been increased by 4 percent from January 2024. This is to be credited in the March salary. This time banks will also open on 31st March i.e. Sunday.
There will be work in banks due to the closing of the financial year. But, the bank is closed for the general public. Therefore, the salary of central employees will come on 30th or 31st March. This time, the salary that is going to come will bring more money by adding various types of allowances to it.
Why will banks open on Sunday?
March 31 is Sunday, usually a bank holiday. But, this time due to the closing of the current financial year, banks are being opened. However, the increased salary of central employees may also come on March 30. The last day of the financial year is bringing happiness for the central employees.
How much will the salary increase?
There has been an increase of 4 percent in the dearness allowance (DA) of central employees. Employees’ allowance has increased to 50 percent. It has been implemented from January 2024. In such a situation, central employees will also get arrears for two months – January and February. This means that in addition to the increased allowance for March, two months’ arrears will also be added to the March salary.
What other benefits will the employees get?
House Rent Allowance (HRA) has also increased as the allowance of central employees has reached 50%. According to the category of the city, central employees will get HRA of 30 percent, 20 percent and 10 percent.
Apart from this, there has also been an increase in other allowances, which will be given by adding it to the March salary. These include special allowance for childcare, child education allowance, hostel subsidy, travel allowance on transfer, dress allowance, gratuity ceiling, mileage allowance. However, all these allowances have to be claimed.
Now calculation will start from zero
The mathematics of Dearness Allowance (DA) of central employees is changing in the year 2024. Actually, the dearness allowance applicable from January 1 has reached 50 percent, so now the rule says that after reaching 50 percent dearness allowance, it will be merged with the basic salary and its calculation will start from zero. But, it will be calculated from the next dearness allowance. However, its numbers have started coming in.
When will dearness allowance become zero?
According to experts, the new dearness allowance will be calculated in July. Because, the government increases dearness allowance only twice a year. Approval for January has been given in March. Now the next revision is to be implemented from July 2024. In such a situation,
dearness allowance will be merged only and it will be calculated from zero. Meaning, the AICPI index from January to June 2024 will decide whether dearness allowance will be 3 percent, 4 percent or more. As soon as this situation is cleared, 50 percent dearness allowance will be added to the basic salary of the employees.
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