7th Pay Commission: From DA Hike to PF Interest Rate, Govt Employees Likely to Get 3 Big Gifts in July

7th Pay Commission Latest News Today: Lakhs of central government employees are likely to see an increase in their dearness allowance (DA) next month in July 2022. Apart from DA hike they also may receive 18-month-old arrears and interest rate for Provident Fund.

7th Pay Commission Latest News Today: For those government employees who are waiting for a hike in their salary and other changes in their payment, here comes a big update for them. As per a report by Zee News, lakhs of central government employees are likely to see an increase in their dearness allowance (DA) next month in July 2022. Apart from DA hike they also may receive 18-month-old arrears and interest rate for Provident Fund.

The Centre releases DA for the government employees twice a year – once in January and then in July. With the rising inflation, it is expected that the government will consider releasing the DA amount in July 2022.

The Centre generally announces the DA hike in March and September of each year. However, due to Coronavirus pandemic, there was no increase in the DA amount for one and a half years after December 31, 2019.

Hike in DA of 5% likely in July

As per the All-India Consumer Price Index (AICPI) data this year, the central government employees will receive a large DA boost of 5%. This percentage is more than the previously predicted 4% increase. If the AICPI data for May will rise, then this figure might rise to 6%.

Pending DA Arrears

Apart from DA hike, it is also being reported that the settlement of 18-month-old Dearness Allowance (DA) arrears will also be released in July this year. The employees of the Central Government should not give up hope of receiving Rs 2 lakh in pending arrears in a single payment.

Provident Fund Interest Rate

The EPFO and the Central Board of Trustees have suggested an annual rate of interest of 8.10 percent to be credited on EPF accounts of the PF subscribers for the fiscal year 2021-22. It is also reported that the PF interest rate will be credited to the accounts of the government employees in July 2022.