Centre hikes DA by 4% to 50%; new rate effective Jan 1, 2024
PTC News Desk: The Union Cabinet on Thursday approved a 4% increase in Dearness Allowance for central government employees and Dearness Relief for pensioners beginning January 1, 2024.
The decision comes ahead of the Lok Sabha Elections, which are expected to be announced in the middle of this month.
Union Commerce and Industry Minister Piyush Goyal informed the media about the cabinet decisions, saying 49.18 lakh employees and 67.95 lakh pensioners would benefit from the government decision.
He stated that the decision would cost the exchequer Rs 12,868.72 crore annually.
Prime Minister Narendra Modi chaired the cabinet meeting.
The additional instalment of Dearness Allowance (DA) and Dearness Relief (DR) to pensioners represents a 4% increase over the current rate of 46% of basic pay/pension to compensate for price increases.
According to an official release, the increase follows the accepted formula based on the Seventh Central Pay Commission's recommendations.
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