The upcoming lok sabha elections have prompted various governments to announce populist schemes aimed at attracting voters. One significant area of focus has been the welfare of employees and pensioners, with several announcements made regarding salary hikes and dearness allowance (DA) increases:
Salary Hike for bank Employees:
The central government announced a salary hike for around 8.5 lakh employees and officers of public sector banks on the occasion of Mahashivratri. This decision entails a 17 percent increase in salary, effective from november 2022. Employees will also receive arrears as part of this decision.
Salary Hike for lic Employees:
Similarly, the central government increased the salary of life insurance corporation (LIC) employees by 17 percent, effective from august 1, 2022. This decision will benefit approximately 1 lakh lic employees and 30 thousand pensioners. Additionally, the contribution to the National Pension System (NPS) for lic employees has been raised from 10 percent to 14 percent, benefiting 24 thousand employees who joined on april 1, 2010.
DA Hike in Many States:
In addition to the Central Government's initiatives, many states have announced a 4 percent increase in dearness allowance (DA) for government employees and pensioners as a holi gift. States such as Uttar Pradesh, Karnataka, Assam, Haryana, Rajasthan, Madhya Pradesh, Chhattisgarh, tamil Nadu, and uttarakhand have implemented this DA hike. This decision will provide relief to lakhs of employees and pensioners, who will not only see an increase in their salary but also receive arrears.
Overall, these announcements reflect the government's efforts to address the welfare of employees and pensioners ahead of the lok sabha elections, aiming to garner support through populist measures.
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