Budget 2024:  Increase in basic salary for government employees..!?

In this budget, it is said that the Modi government may make some specific announcements to attract the vote bank. Union Finance minister nirmala sitharaman will present the country's fiscal report on february 1, 2024. With lok sabha elections coming up in a few months, the budget to be tabled in february will be an interim budget. A full budget is not tabled during an election year. Therefore, although there will be no big announcements in this budget, it is said that the Modi government may make some specific announcements to attract the vote bank. Sources say that some important announcements for central government Employees may come in this budget. The government may heed some of the long-standing demands of the employees. Among them is an increase in the FitMet factor. government employees have been demanding to increase the fitment factor for a long time. If it increases, the basic salary received by the employees will go up. The employees are confident that this time the government will increase the fitment factor in the budget. This will increase the basic salary of the employees after the 2024 budget.
The employee unions have been demanding the government for a long time to increase the fitment factor. The salary of government employees is fixed based on the fitment factor. Currently, the fitment factor is 2.57 percent. For example, suppose a person in 4200-grade pay gets a basic salary of Rs.15,500, then his total salary will be Rs.15,500×2.57 i.e. Rs.39,835. The union is demanding that this fitment factor be increased to 3.68. The hike will increase the minimum wage from Rs 18,000 to Rs 26,000.About 48 lakh employees will benefit from increasing the fitment factor in the formula for calculating the basic pay of the central government. As their basic salary increases, so do the allowances they receive. Central employees have been demanding for a long time to change the fitment factor. Sources in the government say that the government may be planning to announce it before the 2024 elections. This will enable government employees to get benefits before the elections.Nirmala Sitharaman will present the Union Budget for the sixth time on february 1, 2024. He presented his first budget on July 5, 2019. It was the first Budget of narendra Modi's second regime at the Centre. prime minister narendra Modi appointed nirmala sitharaman as Finance minister in his second government. Hence, Sitharaman presented the full budget for the financial year 2019-20 on July 5.
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Sowmiya Sriram

26/12/2023 09:22 AM