7th Pay Commission: Bumper DA Hike In The Offing? Check What July AICPI Index Reveals | Personal Finance News

New Delhi: DA Hike Update 7th Pay Commission: Lakhs of central government employees, waiting keenly for announcement on Dearness Allownace Hike, may hear the good news soon after the G20 meeting gets over, media reports said. 

As per media reports, the government might announce DA hike for employees in a cabinet meeting soon after the G20 meeting gets over, though nothing officially has been confirmed as yet.

7th Pay Commission: July AICPI Index Boost For DA

The latest AICPI Index data have given the much needed enthusiasm to lakhs of central government employees who have been waiting for the announcement of the Dearness Allowance (DA). AICPI Index is the final data for determining the calculation of Dearness Allowance and the foundation for determining the DA quantum. Figures of AICPI Index number for the month of June paints an optimistic picture.

The All-India CPI-IW for July, 2023 increased by 3.3 points and stood at 139.7 (one hundred thirty nine point seven). On 1-month percentage change, it increased by 2.42 per cent with respect to previous month compared to increase of 0.90 per cent recorded between corresponding months a year ago, The Labour Bureau report said

The June index figure showed that it reached 136.4 points as compared to the index number in May which was 134.7 points. A total increase of 1.7 points has been registered in June. According to the figures of May, the total DA score was 45.58 percent, which has increased to 46.24 percent in June 2023, depending on AICPI index figures.

7th Pay Commission: Quantum Of DA Hike

Talking to news agency PTI, All India Railwaymen Federation General Secretary Shiva Gopal Mishra had previously said, “The CPI-IW for June 2023 was released on July 31, 2023. We are demanding a four percentage point hike in dearness allowance. But the dearness allowance hike works out to be a little over three percentage points. The government does not factor in hiking DA beyond the decimal point. Thus DA is likely to be increased by three percentage points to 45 percent”.

He had further explained that the expenditure department of the Finance Ministry will formulate a proposal to hike DA along with its revenue implication and will put up the proposal before the Union Cabinet for approval.

The DA hike will be effective from July 1, 2023. Presently, over one crore central government employees and pensioners are getting a 42 percent dearness allowance.

However, considering the July All-India CPI-IW figures, the media is yet again abuzz with speculations that DA hike will reach 46 percent, with a rise of 4% from the current 42 percent DA.

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