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Posted by Shyam as Market News
The much awaited Sixth pay commission was finally given the green signal by the Finance Ministry yesterday. It will be formally announced by the Prime Minister Mr.Manmohan Singh today on the eve of 61st Independence Day of the Country. The 6th pay commission report was submitted to the Govt way back in March this year by Justice B.N.Srikrishna who was heading the committee, has been awaiting approval. It seems the Govt was also looking for a right time to announce this with the general elections just a few months away.
Some of the highlights of the Sixth Pay Commission are :
#1. The Sixth pay Commission will come into effect starting from Jan 1, 2006.
#2. The minimum entry level salary of a Govt employee will be Rs 7,000 against Rs 6,600 as recommended by the 6th pay commission.
#3. That means an employee will get Rs 10,000 per month at the lowest level including the allowances.
#4. The rate of annual increment has been increased from 2.5% earlier to 3% now.
#5. The minimum increase in the salary of the Govt Employees will be 21%. The arrears would be paid in two installments- 40% in the current fiscal 2008-09 and rest 60% in 2009-10.
#6. The total arrears to be paid amounts to Rs 29,373 crores and this would impact the salaries of some 50 lakh Govt Employees.
#7. The cabinet has approved at least three assured promotions to the defence personnels under the assured career progression (ACP) scheme. Civilians would get promotions after serving 10, 20, 30 years and after 8, 16, 24 years for the defence personnels.
#8. Thanks to the elections coming in, the central Govt employees will get their revised salaries from September 2008 onwards.
For more details on this you can check the complete details of sixth pay commission here.Check out the details of pay structure here:
Sixth Pay Commission New Pay Scale, Arrears & Income Tax Calculator:
No doubt the 6th pay commission (SPC) would have an impact on half a crore Govt employees but the salaries are still far behind the private sector. Many employees union are still protesting against the recommendations of the sixth pay commission.
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