Central government employees are on the brink of receiving another positive development following a recent 4% hike in Dearness Allowance (DA). With the latest increase, DA surged to 50% from 46%, effective from January 2024, entitling employees to arrears for January and February. According to a Jagran report, these increased salaries and arrears for the two months may be disbursed on March 30, bringing relief to the workforce.
The Reserve Bank of India (RBI) has instructed banks to operate on Sunday, March 31, the last day of the current financial year 2022-23. This directive coincides with expectations of salary disbursement for central government employees, ensuring timely access to their enhanced earnings.
The dearness allowance for central government employees and pensioners is determined based on the latest Consumer Price Index for Industrial Workers (CPI-IW). The recent DA hike aligns with the accepted formula derived from the recommendations of the 7th Central Pay Commission, reflecting the government’s commitment to addressing the financial needs of its workforce.
As anticipation mounts among central government employees for the forthcoming salary hike and arrears, the RBI’s decision to keep banks operational on March 31 further underscores the significance of timely and efficient disbursement of funds, ensuring the financial well-being of employees during these challenging times.
