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Union Cabinet Hikes Dearness Allowance To 12 Per Cent, To Benefit Over 1 Crore Central Employees, Pensioners
Indian Rupees (Representative image) (The Economy club/Facebook)
In a move that is sure to bring cheer to countless central government employees and pensioners, the union cabinet yesterday (19 February) approved raising the dearness allowance (DA) by 3 per cent with effect from 1 January 2019, reports Mint.
Finance Minister announced the decision after the conclusion of the cabinet meeting, stating that the DA is being hiked by 3 per cent over the current rate of 9 per cent.
This hike is in line with the formula which was agreed to on the basis of the Seventh Central Pay Commission’s recommendations.
DA is a part of the overall salary of an employee and is calculated as a percentage of the basic pay. It is intended to provide financial security against inflation which increases the cost of living year on year.
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