New Delhi, July 10: Being a teacher in higher education can soon become a highly profitable profession as the Central government is considering to give a hefty hike to assistant professors and professors. The move will benefit more than 8 lakh teachers and staff employed in state-run institutions. Also Read - Salary Hike in India 2021: New Survey Says Stipend Will Increase by 6.4 pc, Here's How

According to reports, the Union Grant Commission(UGC) panel’s recommendation for the revision of salaries of the government’s higher education teachers and support staff will be accepted in all likelihood, reported the Hindustan Times. The national daily reported that they will get a hike in the range of 22-28 per cent. Also Read - Salary Hike in 2021: Survey says Bad Days Over as Companies Eye Big Recovery

Here is the list of what the entry salaries would be if the government increases 22 per cent. Assistant professors (1) whose salary is Rs 47,304 will become Rs 57,700. Assistant professors (2)’s salary will be Rs 68,900 as against Rs 56,480. Associate professor will get Rs 1.31.400 and professor will get Rs 1,44,200. Also Read - 7th Pay Commission Latest News: Central Govt Employees Likely to Get Pay Hike Ahead of Dussehra

The last pay hike had been in 2006 and many university associations had been pressing to implement the UGC panel recommendations. Under the decision, all the other teachers of IITs, NITs, and other state-funded institutions will get the benefits of the pay hike. The pay hike will cost the exchequer Rs 70,000 crore in three years. The centre will fund 50% of the amount, the states will bear the rest of the burden.