7th Pay Commission: Double good news for employees, Government’s decision will increase salary and pension, see details
The government’s decision has brought double happiness for the employees. In fact, with a new decision of the government, both the salary and pension of the employees will increase. Let us know in detail this new update of the government in the news below.
Employees Salary and Pension Hike: The Central Government is considering taking a big decision regarding the employees. If this decision is taken, then the salary and pension of central government employees and private employees will increase (Salary and Pension Hike).
Along with this, the allowance given to the employees will also increase. According to media reports, the government is going to increase the basic salary of EPFO members to Rs 21,000 (Basic Salary Hike). At present, the basic salary of the employees is Rs 15,000.
If the basic salary becomes Rs 21 thousand, then the PF contribution of the employees will also increase. Apart from this, the pension amount of the employees will also increase. Due to increase in basic salary under EPFO, DA and other allowances (DA Hike after Salary Haik) will also get more. It is also worth noting that as much contribution for PF will be made for the employees, the same amount will be made from the company side as well.
The government had increased the basic salary in 2014.
The basic salary was increased in 2014 by the central government. Then the basic salary of the employees was less than 10 thousand rupees, which has been increased to 15 thousand rupees. According to some media reports, now the government is considering increasing the salary of the employees to Rs 21,000. Soon the answer can come from the government on this.
How much calculation for PF on 21 thousand-
At present, the basic salary of the employees is calculated at Rs 15,000. Every month Rs 1250 is contributed towards EPS from the salary of the employees. However, if the basic salary is Rs 21,000, then the contribution will be Rs 1,749 per month, which is 8.33% of Rs 21,000. Employees will get more pension after 60 years due to increase in contribution every month in the amount of pension.
Due to increase in basic salary, allowances also increased.
If the basic salary of the employees increases, then the allowance received by the employees will also increase. Because the allowance of the employees increases and decreases only on the basic salary. This means that the salary of the employees will increase further.