ibusinesslines.com
ibusinesslines.com July 20, 2018


7th Pay Commission: Centre announces 'Diwali bonanza' for 7.58 lakh teachers

11 October 2017, 08:52 | Melissa Porter

7th Pay Commission: Centre announces 'Diwali bonanza' for 7.58 lakh teachers

Cabinet clears pay-hike for central state university teachers

"Teachers of all centrally funded deemed universities and 43 central universities to get benefit of 7th Pay Commission".

Union Cabinet also approved the signing of Memorandum of Cooperation between India and Japan on the Technical Intern Training Program.

The Central government today announced that 7.58 lakh teachers of universities and colleges across the country will soon get the benefits in line with the recommendations of the 7th pay commission.

"In addition, the revised pay package will cover teachers of 119 Centrally Funded Technical Institutions viz. IITs, IISc, IIMs, IISERs, IIITs, NITIE".

The Cabinet gave its nod for revision of pay scales of around 8 lakh teachers and other equivalent academic staff, based on the recommendations of the 7th Central Pay Commission for Central Government employees. The approved pay scales will be applicable with effect from January 1, 2016, official Twitter account of the Press Information Bureau said. The revised pay scale would cost about Rs 9,800 crore to the exchequer.


This hike in pay is between 22 per cent to 28 per cent.

"The measures proposed in the revised pay structure are expected to improve quality of higher education and also attract and retain talent", he added.

The central government employees who have been waited for months to get revised allowances under the 7th pay commission are now looking forward to the pay hike. The additional financial burden incurred by the state governments in implementing the recommendations of 7th Pay Commission for teachers will be borne by the Central government.

While at first the government was thinking of giving arrears, the change in decision was prompted after the April-June GDP growth slipped to a three-year low of 5.7 percent.



Other News

Trending Now

Advanced Micro Devices, Inc. (NASDAQ:AMD), General Electric Company (NYSE:GE)
The Gross Margin Score of Advanced Micro Devices, Inc . (NASDAQ: AMD ) has risen 202.65% since October 11, 2016 and is uptrending. Advisory has invested 0.03% of its portfolio in Advanced Micro Devices, Inc . (NYSE:MRK) on Friday, January 13 with "Buy" rating.

Airtel, Karbonn launch 4G smartphone at Rs 1399: Here are the details
Like Reliance Jio that has started delivery of its JioPhone last month, Airtel also promises cashback to its customers. The phone also has a 4-inch display (with 480 x 800 pixels resolution), and there is Dual SIM compatibility.

China lodges representations with U.S. over destroyer's trespass on territorial waters
The latest sailing comes as the Trump administration is pressing China to help Washington deal with North Korea's weapons program. The US Navy missile destroyer Chafee entered into China's territorial waters near the Sansha islands on Tuesday.

Heartbreaking Reasons Why International Day Of The Girl Is So, So Important
Millions of girls all over the world face various challenges that delay the realization of their fullest potentials and progress. We recognize how girls' progress is good not only for girls, but also for families, communities and society at large.

Delta Air Lines, Inc. (DAL) EPS Estimated At $1.66
On the downside the stock has found support just above Wednesday's low ($52.47) as $52.50 stands as the low for the session. On average, equities research analysts predict that Delta Air Lines, Inc . will post $5.12 EPS for the current fiscal year.

Super Mario Odyssey gets a live-action music video
If you want to download a free audio version of "Jump Up, Super Star!", you can find it on Nintendo's official site for the game. Bowser has yet again, stolen Princess Peach to marry her.

Cab aggregator Ola raises Rs 7150 cr from venture funds
The development comes on a day Ola said it had raised $1.1 billion from Tencent and SoftBank . Ola also intends to go deeper into the Indian market by increasing its penetration.