So finally the much awaited Sixth Pay Commission report was submitted to the finance minister Mr.P.Chidambaram today,but the details are yet to be disclosed. Well this is a piece of good news for all the four million central Government employees. The last pay commission was declared way back in 1997 at an annual cost of $13 billion or around Rs 52,000 crores at todays exchange rates.

It is being expected that there will be an increase of around 40% in the salaries which would cost the would cost the exchequer Rs 12,561 crore yearly.The sixth pay commission was headed by Justice B N Srikrishna, which submitted its recommendation to the Government. And it would be implemented from Jan 1, 2006.

The commission has also recommended 40 per cent increase in pension. This announcement would cost $3.1 billion or Rs 12,561 crores to the Govt in the year 2008-09.

You can check out the entire report of the Sixth Pay Commission here.

Update: Check the latest updates on the approval of sixth pay commission here. 

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