New Delhi: Indian employees are expected to see a good hike in their salaries next fiscal year, experts have opined as companies are expected to emerge from COVID-19 induced lockdowns. Among the sectors that are predicted to offer larger salary hikes in India are e-commerce, Information Technology, pharmaceutical, and financial services, a report by Bloomberg claimed. However, sectors like aerospace, hotels, and hospitality will take some more time to bounce back.Also Read - 7th Pay Commission: Here’s What Govt Employees Can Do In Case Dearness Allowance Hike Denied
The report by Bloomberg stated that if everything goes well and authorities could tackle the third wave of COVID, employees in India can expect a hike upto 8 per cent in the next financial year (FY) starting April 2022. This comes as good news for private-sector employees in India as they had to suffer job losses or pay cuts owing to the pandemic. Also Read - 7th Pay Commission: Centre Approves 4% DA Hike For Govt Employees | HIGHLIGHTS
Earlier the Finance Ministry issued an order to implement the Union Cabinet decision to hike Dearness Allowance for Central government employees to 28 per cent from July 1. Besides, pensioners will also get a 28 per cent hike in their Dearness Relief (DR) DR from July itself. Also Read - 7th Pay Commission: Early Diwali For Govt Employees as Their DA Hiked by 4% — Here’s How Much Salary Will Increase
Around 48.34 lakh central government employees and 65.26 lakh pensioners will be directly benefitted from the restoration of DA and DR, the Ministry of Finance stated. Apart from it, the Centre has also revised the House Rent Allowance (HRA) for government employees to 27 per cent. The revised HRA will be provided to them from August.