UNION GOVT. STAFF CAN EXPECT GOOD NEWS

-
7th pay panel award will result in 15.79% rise in salary outgo, says Jaitley

Updated: August 13, 2015 02:53 IST: Indicating good news soon for Union government employees, the Modi government said on Wednesday that the implementation of the Seventh Pay Commission award would result in a 15.79 per cent increase in the salary outgo for 2016-17.
 
The medium-term expenditure framework statement, tabled by Finance Minister Arun Jaitley in Parliament, said the salary expenditure would rise 9.56 per cent to Rs. 1,00,619 crore in the current financial year of 2015-16. The outgo would rise to Rs. 1,16,000 crore
in 2016-17 and further to over Rs. 1,28,000 crore in 2017-18 with the implementation of the recommendations of the commission, the framework projected. The salary bill for the current year works out to 12.6 per cent of the tax receipts the Centre estimates it will collect during the year.

The commission was set up by the previous UPA government in February 2014 with the mandate to recommend revision of salaries of over 50 lakh Central government employees and remuneration of 30 lakh pensioners. It is expected to submit its recommendations — to be effective from January 2016 — by August-end. Mr. Jaitley said the impact of the commission award on the exchequer posed “a risk.” The statement projected that the pension bill would rise to Rs. 88,521 crore in the current fiscal, which is estimated to further increase to more than Rs. 1,02,000 crore in 2016-17 and over Rs. 1,12,000 crore in 2017-18. Mr. Jaitley expressed the commitment of the government to cut fiscal deficit and push subsidy reforms. “Macro-economic outcomes have improved significantly, primarily with the revival of economic growth and subsidence of inflationary tendencies,” he said.

The Centre is committed to bringing down the fiscal deficit to 3.5 per cent in 2016-17, and 3 per cent in 2017-18. For the current fiscal, it has been pegged at 3.9 per cent of the GDP. The fiscal consolidation strategy hinges on reclaiming high growth in gross tax revenues achieved in the past and gradually reducing expenditure on subsidy through reforms. This is essential for creating space for financing programmes of the government, he said.

Source:- The Hindu

Comments

Post a Comment

Popular posts from this blog

7th Central Pay Commission will submit Report on 19.11.2015 at 19:30 hours: Official News

-
Image
In Media, the news spread about the Final Seventh Pay Commission Report Submission on 19th November, 2015 or 20th November, 2015. The Seventh Pay Commission has confirmed that the Final Report of the Seventh Pay Commission will be submitted on 19th November, 2015 at 19:30 hours. The Seventh Pay Commission has make latest updates as under: The Commission has completed its deliberations and will submit the report to the Government of India on 19.11.2015 at 19:30 hours  Earlier, Government of India has appointed the Seventh Central Pay Commission comprising Justice Shri Ashok Kumar Mathur as Chairman, Shri Vivek Rae as full time Member, Dr. Ratin Roy as part time Member and Smt. Meena Agarwal as Secretary, in a resolution dated 28th February, 2014.  The Commission is headquartered in Delhi and has been given 18 months from date of its constitution to make its recommendations. To this end the Commission will set up its team of Officers, Advisers, Institutiona...
Read More »

Seventh Pay Commission May Not Lower Retirement Age

-
New Delhi: The Seventh Pay Commission is not likely to take a major decision of the lowering of the retirement age for central government employees to 58 years old, two years earlier than what the present law requires. Since studies show that Indian people reaching the age of 50 years old tend to suffer from a decline of cognitive and physical abilities. That older employees also find it harder to adapt to modern technology, which is must required to develop the nation. The youth people in country have increased and so the pay panel may want to focus on Youth unemployment as, “More retirees would mean more job openings for the youth.”
Read More »

Armed forces agree to implement 7th pay commission

-
The forces argue that the anomalies lower the status and pay parity of forces vis-a-vis their counterparts in the police and civilian administration. New Delhi, September 15: After a week-long difference of opinion over the implement enhanced salaries under the 7th Central Pay Commission pay, the armed forces have heeded the advice of Defence Minister Manohar Parrikar. Chairman of the Chiefs of Staff Committee (CoSC) Air Chief Marshal Arup Raha has issued directions to all service headquarters asking them to issue orders for implementation of the 7th CPC. This means that the soldiers will receive their new salary in their pay for September, payable in October. Parrikar has assured the forces that their four-key demands will be met and issue will be sorted out but the decision of the government has to be implemented. Parrikar assured them that the "anomalies" they pointed out in the 7th CPC would be taken up at the "highest level". Their co...
Read More »