7th Pay Commission: Central Government Employees Can Expect These Two Announcements in Budget 2023

According to the report, the first announcement is likely to give government employees some relief, while the second one may pinch their pockets.

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Updated: January 23, 2023, 12:32 AM IST

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https://www.india.com/business/7th-pay-commission-latest-news-january-central-government-employees-can-expect-these-two-announcements-in-budget-2023-5865190/ Copy

Salary Hike For Bank Employees: According to the agreement, the revision in wages will cost the banks a sum of Rs 12,449 crore for all the public sector banks including the State Bank of India (SBI).

7th Pay Commission: Finance Minister Nirmala Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to middle-class taxpayers, among others. According to a Zee Business, the Modi government is likely to make two major announcements with respect to central government employees in the upcoming Budget 2023.

According to the report, the first announcement is likely to give government employees some relief, while the second one may pinch their pockets.

The salary revision of central government employees is likely to be done through the fitment factor in the next pay commission.

The government is also likely to introduce a new formula for salary revision of the employees, according to a Zee Business report quoting sources. It is important to note that there is only one year left for the 8th Pay Commission formation.

Budget 2023: Second Expected Announcement for employees

The Modi government is also likely to make a big announcement regarding House Building Allowance (HBA) for central government employees is also likely in Budget 2023. Currently, central government employees can get this allowance as an advance from the government for building or repairing a house.

The employee can take an advance amount of up to Rs 25 lakh for building a house under this allowance. In lieu of this, the government charges interest on it.