LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » India News

7th Pay Commission: Here are 9 key things for pensioners

It said, "With the increase approved by the Cabinet, the annual pension bill alone of the Central Government is likely to be Rs1,76,071 crore."

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
7th Pay Commission: Here are 9 key things for pensioners
It said, "With the increase approved by the Cabinet, the annual pension bill alone of the Central Government is likely to be Rs1,76,071 crore." Representational image of PM Modi. Pin: PIB
Written By: ZeeBiz WebTeam
Updated: Tue, May 09, 2017
10:45 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance 7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance
7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in 7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in
7th Pay Commission Latest News Today 2021: Big 7th CPC announcement for central government employees; Modi government unveils this 7th Pay Commission Latest News Today 2021: Big 7th CPC announcement for central government employees; Modi government unveils this
7th Pay Commission latest news: Rs 19,900 starting salary in 7th CPC pay matrix on offer; check detail of central government job at indiapost.gov.in 7th Pay Commission latest news: Rs 19,900 starting salary in 7th CPC pay matrix on offer; check detail of central government job at indiapost.gov.in
7th Pay Commission - 7th CPC latest news today: Modi Government's NEW move for these government employees; CAPF, CRPF, BSF, CISF, ITBP personnel to benefit 7th Pay Commission - 7th CPC latest news today: Modi Government's NEW move for these government employees; CAPF, CRPF, BSF, CISF, ITBP personnel to benefit

Union Cabinet led by Prime Minister Narendra Modi on Wednesday cleared proposals relating the pensioners as part of the 7th Pay Commission. 

In June, 2016, the Cabinet had approved implementation of the recommendations with an additional financial outgo of Rs 84,933 crore for 2016-17 (including arrears for 2 months of 2015-16).

Ministry of Finance said that the accepted proposals for pensioners in the 7th Pay Commission as approved by the Cabinet led by PM Modi will be given out as arrears with effect from January 1, 2016. 

It said, "With the increase approved by the Cabinet, the annual pension bill alone of the Central Government is likely to be Rs1,76,071 crore."

Key decisions 

  1. The Cabinet approved modifications in the recommendations of the 7th CPC relating to the method of revision of pension of pre-2016 pensioners and family pensioners based on suggestions made by the Committee chaired by Secretary (Pensions) constituted with the approval of the Cabinet.

  2. The modified formulation of pension revision approved by the Cabinet will entail an additional benefit to the pensioners and an additional expenditure of approximately Rs.5031 crore for 2016-17 over and above the expenditure already incurred in revision of pension as per the second formulation based on fitment factor. 

  3. It will benefit over 55 lakh pre-2016 civil and defence pensioners and family pensioners.

  4. While approving the implementation of the 7th CPC recommendations on 29th June, 2016, the Cabinet had approved the changed method of pension revision recommended by the 7th CPC for pre-2016 pensioners, comprising of two alternative formulations, subject to the feasibility of the first formulation which was to be examined by the Committee.

  5. In terms of the Cabinet decision, pensions of pre-2016 pensioners were revised as per the second formulation multiplying existing pension by a fitment factor of 2.57, though the pensioners were to be given the option of choosing the more beneficial of the two formulations as per the 7th CPC recommendations.

  6. In order to provide the more beneficial option to the pensioners, Cabinet has accepted the recommendations of the Committee, which has suggested revision of pension based on information contained in the Pension Payment Order (PPO) issued to every pensioner.

  7. The revised procedure of fixation of notional pay is more scientific, rational and implementable in all the cases. 

  8. The Committee reached its findings based on an analysis of hundreds of live pension cases.  

  9. The modified formulation will be beneficial to more pensioners than the first formulation recommended by the 7th CPC, which was not found to be feasible to implement on account of non-availability of records in a large number of cases and was also found to be prone to several anomalies. 

Disability Pension for Defence Pensioners

  1. The Cabinet also approved the retention of percentage-based regime of disability pension implemented post 6th CPC, which the 7th CPC had recommended to be replaced by a slab-based system.

  2. The issue of disability pension was referred to the National Anomaly Committee by the Ministry of Defence on account of the representation received from the Defence Forces to retain the slab-based system, as it would have resulted in reduction in the amount of disability pension for existing pensioners and a reduction in the amount of disability pension for future retirees when compared to percentage-based disability pension. 

  3. The decision which will benefit existing and future Defence pensioners would entail an additional expenditure of approximately Rs. 130 crore per annum.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
7th Pay commissionpensionerscentral government employees7th CPCEconomyIndian economyDisability Pension for Defence Pensioners7th CPC Latest NewsHRADACommittee on AllowancesFinance Ministryunion cabinet
RELATED NEWS
7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance 7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance
7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in 7th Pay Commission latest news today: Massive pay plus dearness allowance, house rent allowance; Details of this 7th CPC central government offer at upsconline.nic.in
7th Pay Commission Latest News Today 2021: Big 7th CPC announcement for central government employees; Modi government unveils this 7th Pay Commission Latest News Today 2021: Big 7th CPC announcement for central government employees; Modi government unveils this
7th Pay Commission latest news: Rs 19,900 starting salary in 7th CPC pay matrix on offer; check detail of central government job at indiapost.gov.in 7th Pay Commission latest news: Rs 19,900 starting salary in 7th CPC pay matrix on offer; check detail of central government job at indiapost.gov.in
7th Pay Commission - 7th CPC latest news today: Modi Government's NEW move for these government employees; CAPF, CRPF, BSF, CISF, ITBP personnel to benefit 7th Pay Commission - 7th CPC latest news today: Modi Government's NEW move for these government employees; CAPF, CRPF, BSF, CISF, ITBP personnel to benefit

LATEST NEWS

Nearly Rs 10 lakh fine on wedding organiser for breaching Covid-19 lockdown; many guests left as police arrived

Budget 2021 Expectations LIVE: Here is what India wants - Check latest news, updates, demands here

Rs 5, 10 and 100 news: Will old notes be valid after March 2021? Here is truth from Modi government

Stock market: Record-shattering gains, 50k BSE peak - What lies ahead? Analysts predict these big things amid Budget 2021

Check Modi government's latest notices to Chinese apps including Tiktok, PUBG mobile game

Bullet Train: Undersea tunnel! Here is latest news update on Mumbai-Ahmedabad High Speed Rail

Policy reforms, sops and tax breaks? Volatility in key stock markets set to flare up as investors bet big on Budget 2021

Budget 2021: Unprecedented! 1st time ever since 1947, this is going to happen in Union Budget 2021-2022

UPSC Recruitment 2020: Result for these written examinations declared - Check full list of roll numbers

Recovery of excess pension made to pensioners: Big decision! Important notification by RBI

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved