seventh Pay Commission: Interest free festive advance of Rs 10,000 for central govt workers earlier than Holi? , Personal Finance News


New Delhi: seventh Pay Commission — The authorities would possibly announce Special Festival Advance Scheme for central workers earlier than the festive season of Holi, media stories have stated. The Union authorities beneath the Special Festival Advance Scheme will give Rs 10,000 to the central workers geared toward stimulating shopper spending within the economic system in an effort to combat the slowdown because of the ongoing COVID-19 pandemic.

The curiosity free advance will give an enormous enhance to workers, who can spend the quantity for the upcoming festivals, stories added. This just isn’t the primary time that the federal government will probably be giving the festive advance, if it does so this 12 months. In 2020, Finance Minister Nirmala Sitharaman had introduced Special Festival Advance Scheme revived as a one-time measure for each Gazetted and non-Gazetted workers.

The Special Festival Advance Scheme was introduced as a one-time measure to stimulate demand. All Central Government workers had been allowed to get an interest-free advance of Rs 10,000, to be spent by thirty first March, 2021 on the selection of pageant of the worker. The interest-free advance was recoverable from the worker in most 10 installations.

The workers had been offered a pre-loaded RuPay Card of the advance worth. The Government additionally bore the Bank costs of the cardboard. Disbursal of advance by RuPay card ensures digital mode of cost, leading to tax income and inspiring trustworthy companies. The one-time disbursement of Special Festival Advance Scheme (SFAS) was estimated to quantity to Rs. 4,000 crore.

In a seventh Pay Commission associated information, authorities workers have additionally been desperately ready for the hike in dearness allowance that can result in a considerable hike within the wage of the central authorities workers. At current, central workers get DA of 31 %, whereas they’re anticipating an additional enhance of DA by 3 %. This will take the entire DA to 34 %. In the aftermath of the COVID-19 disaster, all eyes are fastened on the federal government’s announcement. Dearness Allowance is calculated by multiplying it by the fundamental wage. As per the calculation of Dearness Allowance, the federal government retains altering the DA after each 6 months or so, which in outcome will increase the wage of the staff in order to deal with inflation. In October final 12 months, DA was elevated from 28 % to 31 %.

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