New Delhi, Oct 5: This week there was plenty of news regarding the 7th Pay Commission.
While Central Government employees wait with the hope of their salaries being raised, there is news that the hike may be up to Rs 20,000 as opposed to the Rs 18,000 proposed by the 7th Pay Commission.
In the midst of all this there has been a report which states that salaries for a section of the people will rise by 10 per cent in 2019.
The global advisory, broking and solutions company Willis Towers Watson in its Q3 2018 Salary Budget Planning Report noted that the pharmaceuticals sector has the highest projected salary increase for 2019 at 10.3 per cent. "The salaries for consumer products and retail sector will remain consistent at 10 per cent owing to the green shoots of recovery in the sector's performance, increasing consumer confidence and purchasing power," the report said.
The report noted that the financial services sector mainly the banks, NBFCs and insurance companies have seen a steady rise from 9.1 per cent in 2017 to 9.6 per cent for 2019. The is due to improved performance, higher premium collections for the insurance companies.
"MNCs that typically have KPO/BPO or manufacturing operations in India will likely see average salary increases around the 10 per cent mark, as in dollar terms this is not a significant increase to their cost of operations.
The report noted that about 42.6 per cent of the total salary increment budget is being allocated to top or above average performers. "On average, 17 per cent of the salary increase budget is being allocated to top performers, which represent 13.1 per cent of employees in India. This implies that for each USD 1 allocated to an average or below-average performer, USD 1.31 is allocated to a top performer," it said.
Media reports on 7th Pay Commission
Meanwhile a media report said that the new minimum pay for CG employees would be hiked. While the employees have been demanding Rs 26,000, the government is most likely to settle for Rs 20,000.
The big announcement is round the corner, the report also said while citing sources. It may be recalled that the finance minister had assured in 2016 that the issue would be considered. He had reiterated the same in the Rajya Sabha as well.
7th Pay Commission gift in this state
Although the teachers did not get the salary payment linked to the 7th Pay Commission, they did get a very big gift and a pay hike that was in excess of even what was promised. The Punjab cabinet approved regularisation of 8,886 teachers recruited under the central education programmes, an official spokesman said.
The cabinet, which met under the chairmanship of Chief Minister Amarinder Singh, decided to regularise 7,356 teachers recruited under the Sarv Shiksha Abhiyan (SSA), 1,194 teachers under the Rashtriya Madhyamik Shiksha Abhiyan (RMSA), he said. Also 220 teachers were regularised for model schools and 116 for Adarsh schools, he added. The decision was taken following the recommendations of the cabinet sub-committee constituted on the directives of the chief minister in this regard, the spokesman said.