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How is fitment salary calculated?
How to calculate fitment factor with basic pay? If an employee drawing basic pay Rs. 15,500 in 4200 Grade Pay, his/her pay will be fixed as per the recommendations of 7th pay commission as follows: Rs. 15,500 x 2.57 = Rs. 39,835. Grade Pay 4200 = 7th CPC Level 6.
What is the latest fitment factor of 7th Pay Commission?
In addition, House Rent Allowance (HRA) would rise up to 27%, 18%, and 9% respectively, if a 50% dearness allowance is implemented. The 7th Pay Commission’s new “Fitment factor” will stand at a 3% annual increment for all employees.
What is the latest fitment factor?
He added that the 7th CPC fitment factor has been fixed at 2.57 while implementing the seventh pay commission, and the employee’s monthly basic salary and monthly contribution like Provident Fund (PF), gratuity are expected to rise from July.
Will there be 8th CPC?
The 8th pay commission panel will be expected to set up in the year 2024. So, the 8th CPC is will be implemented with effect from 01-01-2026.
What is fitment factor?
So, seventh pay commission fitment factor will help fix the monthly basic salary by simply multiplying the basic salary with the fitment factor.” Mishra explained with an example. If a government employee’s monthly basic salary is ₹20,000 in that case its monthly basic pay will be ₹51,400 ( ₹20,000 x 2.57).
Will HRA increase after DA hike?
In 20217, the Department of Expenditure had issued an order, saying that when the DA will exceed 25%, the HRA will be revised automatically. As per a report by Times Now, the revised HRA will be paid to the Central government employees along with the basic salary of the month.
What is fitment benefit?
Currently, the fitment factor of central employees is 2.57. The basic salary is calculated by multiplying it by 2.57 which is in addition to allowances like Dearness Allowance (DA), Traveling Allowance (TA), House Rent Allowance (HRA).
What will be Da July 2021?
Dearness Allowance (DA) for central government employees has been hiked to 31% of the basic pay from 28%with effect from July 1, 2021, the Finance Ministry stated on Tuesday.
What is fitment factor in salary?
Fitment factor is a multiplication number that is used to arrive at a common result. The 7th Pay Commission multiplies this figure with the basic pay in 6th CPC regime (Pay in Pay band added with Grade pay) for the purpose of determining basic pay in revised pay structure.
What will be the DA in July 2021?
Dearness Allowance for central government employees has been hiked to 31% of the basic pay from 28% with effect from July 1, 2021, the Finance Ministry said.
What will be DA July 2021?
Will bank employees get 7th Pay Commission?
7th Pay Commission: Good News For Bank Employees, Their Salary Will Increase From This Month After DA Hike | Details Here. 7th Pay Commission Latest News: As per reports, the increment of the bank employees will be effective from August to October and applicable for bankers following 11th BPS salary structure.