7th Pay Commission Latest News Today: Big Diwali gift ordered for these 100,000 employees! Dearness Allowance hiked by whopping 5 pct; clearance awaited
7th Pay Commission Latest News Today: The Steel Authority of India Limited (SAIL) management has decided to increase dearness Allowance (DA) of its employees by a whopping 5 per cent.
7th Pay Commission Latest News Today: The Steel Authority of India Limited or SAIL, a Navratna company, management has decided to increase Dearness Allowance (DA) of its employees by 5 per cent. The public sector company management has sent a letter in this regard to the Ministry of Labour and Employment to increase the DA of its employees from October 2019. However, the 5 per cent DA hike is for the officer grade employees, lower grade employees have been recommended a DA hike of 3.2 per cent. As per the media reports, this DA hike can be implemented from October 2019.
If the Centre approves this DA hike recommendation, SAIL employees' DA would go up from 57.4 per cent to 62.4 per cent. Like public sector banks, PSU employees DA is also increased in a quarterly basis, means after a gap of three months. As per the custom, DA is hiked as per the increase in the CPI (Consumer Price Index). The DA hike is considered as a hedge against the rise in inflation in the corresponding period. If the DA hike is implemented, around 100,000 SAIL employees of both officer's grade and lower grade would be benefitted by this DA hike.
See Zee Business Live TV streaming below:
Once, the 5 per cent DA hike is implemented, lower grade employees salary would go up by around Rs 500 to Rs 1,800. While in the officer's grade, this DA hike would lead to a rise in their salary by around Rs 5,000 per month. In the last quarter, the DA announced for the lower grade SAIL employees was 3.4 per cent while for the officer's grade SAIL employees, DA hike granted was 5.3 per cent.
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.