7th Pay Commission: Report submitted; all you need to know about salary hike of govt employees

New Delhi, Nov 19: The seventh pay panel submitted its report to Finance Minister Arun Jaitley. Here is all you need to know about the report:

• 7th Pay panel submits report to FM Arun Jaitley; suggests 23.55% hike in pay and allowances of govt employees.
• Pay will go up by 16%; increase in allowances will be 63%; increase in pension will be 24%.
• Pay Commission report has to be implemented from January 1, 2016.
• Minimum basic pay for central govt staff recommended at Rs 18,000; maximum pay Rs 2.25 lakh per month: Pay Commission.
• Pay Commission recommends 3% annual increment and 24% hike in pension for central government staffers.
• FY17 impact seen at Rs 1.02 lakh crore from implementation of the 7th Pay Commission.
• One Rank One Pension recommended for central govt staffers as well as armed forces: Pay Commission.
• Recommendation will impact 47 lakh serving govt employees, 52 lakh pensioners, including defence personnel: FM.
• Total impact from implementation of 7th Pay Commission is Rs 1.02 lakh cr; including Rs 28,000 cr on Railway Budget: FM.
• An implementation Secretariat headed by Expenditure Secretary created to look at implementation of 7th Pay Commission: FM.
• Implementation of 7th Pay Commission to impact fiscal deficit by 0.65%: FM.