Central Government Employees  would have  a happy Durga Puja this time as the Government has approved the proposal of giving a 7 percent DA hike to its 80 Lakh Employees adding a burden of Rs 7408 Crores to the Public.
The hike will be effective from July 1, 2012, and the employees would be entitled for arrears from this date.
The hike in the DA from 65 per cent to 72 per cent will cost the exchequer Rs 4,939 crore for the remaining part of the current financial year. The annual burden on account of the DA increase has been estimated at Rs 7,408 crore, said an official release.
The decision, which was approved by the Union Cabinet, will benefit about 50 lakh employees and 30 lakh pensioners of the central government.
The increase in DA is in accordance with the accepted formula, which is based on the recommendations of the 6th Central Pay Commission, the release added.