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7th Pay Commission Recommendations to Push Government's Salary Bill to Over 1 lakh Crore: Finance Ministry
August 12, 2015 18:07 IST
Finance Minister Arun Jaitley Reuters
The Central government's salary bill will rise by 9.56% to Rs 1,00,619 crore with the implementation of the recommendations of the 7th Pay Commission, according to a statement tabled in Parliament by union finance minister Arun Jaitley on Wednesday.
The rise will be 15.79% to reach Rs 1.16 lakh crore in the next financial year, according to the Medium-Term Expenditure Framework Statement tabled by him.
"The award of VII Central Pay Commission (CPC) and its impact on government finances poses a risk," The Economic Times reported, citing the statement.
The 7th Pay Commission is likely to hike salaries of government employees by nearly 40%, according to an analyst at global brokerage firm Credit Suisse.
The statement also cautioned over the mounting pension bill. It estimates the pension bill to climb higher to Rs 88,521 crore in the current fiscal and reach Rs 1.02 lakh crore in 2016-17.
"Like in salaries, higher than normative growth has been provided for the projection of outlay on pensions during 2016-17. For the second year of the projection (2017-18), a normative growth has been assumed," the statemen said.
The 7th Pay Commission is scheduled to submit its recommendations by October and is likely to be implemented by the Modi government by the end of the year.
Article Published: August 12, 2015 18:07 IST
News Source : http://www.ibtimes.co.in/7th-pay-commission-recommendations-push-governments-salary-bill-over-1-lakh-crore-finance-642661 UPTET / टीईटी / TET - Teacher EligibilityTest Updates / Teacher Recruitment / शिक्षक भर्ती / SARKARI NAUKRI NEWS
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August 12, 2015 18:07 IST
Finance Minister Arun Jaitley Reuters
The Central government's salary bill will rise by 9.56% to Rs 1,00,619 crore with the implementation of the recommendations of the 7th Pay Commission, according to a statement tabled in Parliament by union finance minister Arun Jaitley on Wednesday.
The rise will be 15.79% to reach Rs 1.16 lakh crore in the next financial year, according to the Medium-Term Expenditure Framework Statement tabled by him.
"The award of VII Central Pay Commission (CPC) and its impact on government finances poses a risk," The Economic Times reported, citing the statement.
The 7th Pay Commission is likely to hike salaries of government employees by nearly 40%, according to an analyst at global brokerage firm Credit Suisse.
The statement also cautioned over the mounting pension bill. It estimates the pension bill to climb higher to Rs 88,521 crore in the current fiscal and reach Rs 1.02 lakh crore in 2016-17.
"Like in salaries, higher than normative growth has been provided for the projection of outlay on pensions during 2016-17. For the second year of the projection (2017-18), a normative growth has been assumed," the statemen said.
The 7th Pay Commission is scheduled to submit its recommendations by October and is likely to be implemented by the Modi government by the end of the year.
Article Published: August 12, 2015 18:07 IST
News Source : http://www.ibtimes.co.in/7th-pay-commission-recommendations-push-governments-salary-bill-over-1-lakh-crore-finance-642661 UPTET / टीईटी / TET - Teacher EligibilityTest Updates / Teacher Recruitment / शिक्षक भर्ती / SARKARI NAUKRI NEWS
UP-TET 2011, 72825 Teacher Recruitment,Teacher Eligibility Test (TET), 72825 teacher vacancy in up latest news join blog , UPTET , SARKARI NAUKRI NEWS, SARKARI NAUKRI
Read more: http://naukri-recruitment-result.blogspot.com
http://joinuptet.blogspot.com
UPTET 72825 Latest Breaking News Appointment / Joining Letter | Join UPTET Uptet | Uptet news | 72825 Primary Teacher Recruitment Uptet Latest News | 72825 Teacher Recruitment Uptet Breaking News | 72825 Primary Teacher Recruitment Uptet Fastest News | Uptet Result 2014 | Only4uptet | 72825 Teacher Recruitment Uptet News Hindi | 72825 Teacher Recruitment Uptet Merit cutoff/counseling Rank District-wise Final List / th Counseling Supreme Court Order Teacher Recruitment / UPTET 72825 Appointment Letter on 19 January 2015A | 29334 Junior High School Science Math Teacher Recruitment,
CTET, TEACHER ELIGIBILITY TEST (TET), NCTE, RTE, UPTET, HTET, JTET / Jharkhand TET, OTET / Odisha TET ,
Rajasthan TET / RTET, BETET / Bihar TET, PSTET / Punjab State Teacher Eligibility Test, West Bengal TET / WBTET, MPTET / Madhya Pradesh TET, ASSAM TET / ATET
, UTET / Uttrakhand TET , GTET / Gujarat TET , TNTET / Tamilnadu TET , APTET / Andhra Pradesh TET , CGTET / Chattisgarh TET, HPTET / Himachal Pradesh TET
