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DA Hike Anticipated in October 2023, seventh Pay Fee: There’s some excellent news in retailer for central authorities employees whio have been eagerly ready for the (DA) or Dearness Reduction (DR) hike announcement! If sources as to be believed, then the rise in DA/DR for central authorities workers is more likely to be introduced in a couple of weeks — likely within the month of October itself. Wheels had been in movement for the second half’s announcement ever because the DA hike for H1 was introduced was introduced by the Central Authorities in March. The DA hike of 4 per cent — rising the dearness allowance determine from 38 per cent to 42 per cent — was introduced by Union Minister Anurag Thakur on March 24, 2023.
DA Hike: When will Dearness Allowance Hike be introduced?
At present, 42 per cent dearness allowance (DA) / dearness aid (DR) is paid to central authorities workers. And, if sources are to be believed, a 4 per cent DA hike will doubtless be introduced by the Central Authorities round Dussehra or Vijaya Dashami — Tuesday, October 24, or newest by Diwali vacation — Sunday, November 12, 2023.
With the DA hike about to be introduced for the Central Authorities workers, the arrears from July 2023 onwards may even be disbursed with October wage (if introduced on Dussehra), or alongwith the November wage (in case the DA/DR enhance announcement in made round Diwali).
The arrear cost will likely be accomplished the on the idea of the share hike introduced — for instance – 4 per cent arrear will likely be paid, if 4 per cent DA hike is introduced.
Dearness Allowance hike in October: What impacts DA Hike?
The calculation of Dearness Allowance is completed almost about the Shopper Value Index Numbers For Industrial Staff (CPI-IW index) of the corresponding months. As per sources, the rise within the index over the previous few months signifies {that a} DA hike of 4 per cent will be anticipated by the Central Authorities workers in October this yr (strictly topic to announcement).
DA Hike: How a lot will Dearness Allowance enhance?
Based mostly on the calculations of the seventh Pay Fee, the dearness allowance relevant from July 1, 2023 could enhance by 4 per cent. Based on specialists, even when the CPI-IW index numbers don’t change within the upcoming opinions, the inflation figures of over 6 per cent will doubtless result in the dearness allowance rising to 46 per cent, say specialists.
DA Hike: How is AICPI-IW index calculation accomplished?
The Ministry of Labour & Employment’s Labour Bureau pronounces the Shopper Value Index Numbers For Industrial Staff for the earlier month – on the final working day of the following month. To Labour Bureau calculates the index quantity after gathering retail costs information from 317 markets from 88 industrially necessary centres in India.
DA Hike: Dearness Allowance Method
For central authorities workers, the calculation that’s used to formulate the dearness allowance is —
Dearness Allowance Method – [(Average of All India Consumer Price Index AICPI) for the last 12 months – 115.76)/115.76]×100.
For PSU personnel, DA hike is calculated by the beneath talked about system —
For workers working in PSUs (Public Sector Models), the system used to calculate the Dearness Allowance is – [Average of Consumer Price Index for the last 3 months (Base Year 2001 = 100)-126.33)] x100
DA Hike: What’s Dearness Allowance?
Dearness allowance is paid to central authorities workers and pensioners in an effort to compensate them for rising costs. The rise in the price of dwelling over time is mirrored by CPI-IW, and bearing this in thoughts, the dearness allowance or dearness aid is revised periodically twice a yr.
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