DA hike for central authorities workers: Diwali 2024 got here early for central authorities workers with PM Narendra Modi-led Union Cupboard approving the a lot awaited dearness allowance hike, sources informed TOI. The dearness allowance has been hiked by 3%.
Usually, the central authorities assesses and adjusts the DA twice yearly, in January and July, with official bulletins made subsequently.Whereas serving workers obtain DA, pensioners are entitled to Dearness Aid.
The final DA adjustment, a 4% hike, was introduced in March, with impact from January 2024. After that central authorities workers had been eligible for DA of fifty% of their primary wage, whereas pensioners obtain a DR of fifty% of their primary pension.
The rise in DA and DR would supply monetary reduction to roughly 1.15 crore central authorities workers and pensioners, providing a considerable financial help amidst the rising value of residing.
DA serves as a part of the wage supposed to mitigate the results of inflation. A hike in DA periodically adjusts the efficient wage of presidency workers to keep up their buying energy.
Dearness Allowance or DA for central authorities workers is decided utilizing the newest Shopper Value Index for Industrial Staff (CPI-IW) knowledge. This index is launched on a month-to-month foundation by the Labour Bureau, which operates underneath the Ministry of Labour. To calculate the DA proportion underneath the seventh Pay Fee, the next method is used:
seventh CPC DA% = [{12 month average of AICPI-IW (Base Year 2001=100) for the last 12 months – 261.42}/261.42×100]
It’s price noting that when a DA or DR enhance is introduced, it’s sometimes utilized retroactively from January 1 and July 1 of the present yr. Historically, the central authorities declares the July DA enhance previous to the onset of the festive season.
