New Delhi: The eyes of the central government employees will be firmly glued on the forthcoming seventh central pay commission reports which is likely to be be submitted by October 31 for implementation from April 2016.
The pay panel is likely to finalise and submit its report on salary and allowance hike by October 31, sources said. The members and officials of the panel had made several field tours and collected valuable suggestions, which are all going to be trashed as the Commission winds up its office within three month.
After getting recommendations, the central government may announce to accept it in the budget 2015-16 to implement it from April 2016.
It is expected that seventh pay panel to suggest hiking the tripled salaries of central government employees.
The salaries of central government employees were roughly tripled with retrospective effect from 1996 and tripled once again with retrospective effect from 2006 by the fifth pay panel and sixth pay panel respectively. This shows the salaries of central government employees have tripled every decade.
According to media report says that investors are expecting car bazar to get a boost from the seventh central pay commission’s recommendations from mid-next year on account of getting arrears of rising salaries of central government employees.
The last Pay Commission report had resulted in car sales rising 18 per cent annually between financial year 2009-10 and financial year 2010-11.
The last pay commission was implemented in August 2008 with retrospective effect from January 2006 which resulted in getting huge salary arrears to central government employees to enable them to purchase car from their arrears on loan basis.
They paid margin amount from arrears and installments from salaries but this pay panel will be implemented from January 2016, hence no such huge arrears will be paid to central government employees this time to pay margin amount for car loan. So car bazar will not get a boost from the seventh central pay commission’s recommendations.