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9th August 2016 Current Affairs Questions and Answers

9th August 2016 Current Affairs MCQs, Quiz, Questions : Current Affairs for August 2016 ,  Daily Multiple Choice Questions (MCQs) for In...

7th Pay Commission report submitted

7th Central Pay Commission recommends an overall increase of 23.55% in pay and allowances for 47 lakh central govt employees and 52 lakh pensioners with impact of 1.02 lakh crores on FY 2016-17.Finance Minister Arun Jaitley says govt will work at speedy implementation. The much anticipated 7th central pay commission report has been submitted to Finance Minister Arun Jaitley. It has recommended a minimum basic pay of 18,000 rupees per onth and an overall increase in pay and allowance of 23.55%.
--Commission has suggested 16% increase over the basic salary.
--Therefore increase in allowances will be 63%;
--And increase in pension will be 24%
--Minimum basic pay for central government staff has been recommended at Rs 18,000
--And the maximum pay is Rs 2.25 lakh per month and that is of cabinet secretary
--Pay Commission has also recommended 3% annual hike for the employees
--Meanwhile,One Rank One Pension has also been recommended for central government staffers as well as armed forces chairman
--Pay Commission report will be implemented from 1 January 2016
--Pay band and Grade pay have been abolished
--Government employees had received a 35 % hike on implementation of the Sixth Pay Commission in 2008.
--FY17 impact seen at Rs 1.02 lakh crore from implementation of the 7th Pay Commission.
Government usually forms a pay commission every 10 Years. The First Pay Commission was established in 1946.The 7th pay commission will result in higher salaries which will prompt people to spend more on cars and houses, triggering a cycle of spending and investment.