7th Pay panel submits report to FM Arun Jaitley; suggests 23.55% hike in pay and allowances of govt employees.
Pay will go up by 16%; increase in allowances will be 63%; increase in pension will be 24%. Pay Commission report has to be implemented from January 1, 2016.
Minimum basic pay for central govt staff recommended at Rs 18,000; maximum pay Rs 2.25 lakh per month: Pay Commission.
Pay Commission recommends 3% annual increment and 24% hike in pension for central government staffers.
FY17 impact seen at Rs 1.02 lakh crore from implementation of the 7th Pay Commission.
One Rank One Pension recommended for central govt staffers as well as armed forces: Pay Commission.
Recommendation will impact 47 lakh serving govt employees, 52 lakh pensioners, including defence personnel: FM.