New Delhi, November 19: The much awaited Seventh Pay Commission report has been submitted to the Union Finance Minister Arun Jaitley on Thursday evening. Jaitley has taken the report and as per the 900 page report compiled by Justice AK Mathur, minimum pay under the revised pay commission would be Rs 18,000. The commission has recommended 16 per cent hike in pay and 63 per cent hike allowance. Also to much of the surprise, the seventh pay commission would be implemented from January 1, 2016 onwards as per the recommendations. Also Read - IRCTC Latest News: E-catering Services in Trains Soon, RailRestro to Deliver Your Favourite Food

Speaking about the revised pay commission, Jaitley informed that he has read the report and is happy to announce that the pay commission would be implemented from  January 1, 2016. He also said that according to the report, the overall increase in the pay and allowances has been suggested at 23.55 per cent while rise is pension has been suggested at 24 per cent. To much of the surprise, the commission has made changes in the previous report and has raised the bar of maximum pay for Apex (bureaucratic class) to Rs 2.25 lakhs and suggested a salary of of Rs 2.5 lakhs for the Cabinet secretary. (ALSO READ: Seventh Pay Commission: Panel likely to suggest wage hike of 15%) Also Read - IRCTC Latest News: No Extra Fare Charged From Passengers Despite COVID-19, Says Railways

With the current recommendations of the pay commission, the government of India is expecting a burden of Rs 1,02,100 crore in the next financial year. It is also suggested that with all the suggestion taken in the exact form, there would be a 0.65 per cent burden on the GDP of the country. However, as per the commission report, 47 lakh government employees are expected to be benefited with this report. Also, the commission headed under the Justice AK Mathur expects that equal implementation of the pay should be given and all the government employee be treated equally while keeping in mind about the distribution of the scheme. Also Read - Economy in Recovery Phase, India's GDP to Expand by 11% in FY21-22: Fitch

Lastly, the commission report has recommended that the pension be allocated from 60 years. As per the report, railway employees would be the benefitted the most and will receive 3 per cent rise every year. If all the recommendations are taken in the same manner, then Rs 28,000 crore of extra burden would be imposed on the railway budget. The Seventh Pay Commission was formed in 2014, but submitted its report on Thursday.