Latest news with #7thCPC
India.com
a day ago
- Business
- India.com
Noida Man Finds Deceased Moms Bank A/c Credited With Astronomical Balance Of Over Rs 1.13 Lakh Crore; And Then...
New Delhi: A 20-year-old man from Noida was taken aback to see that his deceased mother's bank account had been credited with an astronomical balance of over Rs 1.13 lakh crore. According to media reports, Deepak's mother Gayatri Devi passed away two months ago. Deepak had been continuing to operate the account ever since she passed away. A couple of days ago, Deepak got a message that Rs 10,01,35,60,00,00,00,00,00,01,00,23,56,00,00,00,00,299 had been credited to his mother's Kotak Mahindra Bank savings account. Deepak was shocked on seeing the astronomical balance of more than Rs 1.13 lakh crore in his deceased mother's bank account. He shared the screenshot with his friends to help calculate the amount. However, he eventually turned off his phone as he was overwhelmed by sudden number of calls. (Also Read: How To Build Rs 1 Crore From 0: CA Shares Steps) What has the Kotak Mahindra Bank said? The Kotak Mahindra Bank has denied the reports of Deepak receiving a massive amount. In a statement, the Bank said, 'Media reports suggesting an unusually large balance in a customer's account are incorrect. In light of these reports, we encourage customers to check their account details using Kotak's mobile banking app or net banking platforms. Kotak Mahindra Bank confirms that our systems are functioning normally, with all services secure and fully operational." (Also Read: 7th CPC Increment Cycle: Is it 12 Month Or 6 Months?) Income Tax Department freezes his account The Income Tax Department has initiated an inquiry into the unusual transaction. Investigations are underway to determine how such an incident occurred. Authorities suspect that the issue could have happened due to a banking error or a technical glitch. Meanwhile, the IT department has frozen the account and is investigating the issue. Social media reaction A screenshot showing the supposed credit amount has gone viral on social media, sparking curiosity and speculation. Some social media users on X are saying the amount "can fund every country forever". And others have joked, "Maybe income tax department should unfreeze it so India can become the richest country in the world".
India.com
a day ago
- Business
- India.com
Indian Rupee Shows Minimal Response To Trump's Additional Tariffs; Opens In Green
New Delhi: The Indian rupee showing minimal response to US President Donald Trump's additional tariffs on Indian goods on Thursday's opening. Rupee opened stronger, rising 3 paise to 87.69 against the USD in early trade. Trump on Wednesday announced that he has signed an executive order imposing an additional 25 per cent tariff on imports from India, citing the country's continued purchase of Russian oil. (Also Read: How To Build Rs 1 Crore From 0: CA Shares Steps) The White House said the decision is aimed at strengthening measures taken under earlier sanctions against Russia following its actions in Ukraine. The US President had announced a 25 per cent tariff on India last week. (Also Read: 7th CPC Increment Cycle: Is it 12 Month Or 6 Months?) The order states that India is directly or indirectly importing oil from Russia, which the US considers a threat to its national security and foreign policy.
News18
3 days ago
- Business
- News18
8th Pay Commission Matrix: Revised Salary Estimates For Employees With Grade Pays From Rs 2,400 To Rs 8,700
Last Updated: The Modi government has begun consultations for the 8th Pay Commission, raising hopes for a fresh salary hike for central government employees. The Modi government has initiated discussions with key departments like the Ministry of Home Affairs, the Ministry of Defence, the Department of Personnel and Training, and state governments to form the 8th Central Pay Commission (CPC). Once this commission is officially set up and submits its report, we will get a clearer idea of how the salaries of central government employees might be revised. The salary hike will mostly depend on a key figure called the fitment factor, which acts as a multiplier to determine the new basic pay. In the 7th CPC, the fitment factor was 2.57. As per experts now estimate that the 8th CPC might propose a fitment factor in the range of 1.92 to 2.86. Based on this, new salary projections have been calculated across various pay grades. What is Fitment Factor? The fitment factor is a number used to multiply an employee's current basic pay to arrive at their revised salary under the new pay commission. A higher fitment factor means a bigger hike in salary. For example, if your basic pay is Rs 30,000 and the fitment factor is 2.57, your new basic pay would be Rs 77,100. It is important to note that HRA is taken as 24 per cent of basic salary (for X-class cities), TA varies from Rs 3,600 to Rs 7,200 depending on the level, NPS is 10 per cent of basic, and CGHS is kept at current rates, according to For Grade Pay 1900: At 1.92 fitment factor: Basic: Rs 54,528 | HRA: Rs 13,086 | TA: Rs 3,600 Gross: Rs 71,215 | NPS: Rs 5,453 | CGHS: Rs 250 Net: Rs 65,512 At 2.57 fitment factor: Basic: Rs 72,988 | HRA: Rs 17,517 For Grade Pay 2400: At 1.92 fitment factor: Basic: Rs 73,152 | Net: Rs 86,743 At 2.57 fitment factor: Basic: Rs 97,917 | Net: Rs 1,14,975 For Grade Pay 4600: At 1.92: Basic: Rs 1,12,512 | Net: Rs 1,31,213 At 2.57: Basic: Rs 1,50,602 | Net: Rs 1,74,636 For Grade Pay 7600: At 1.92: Basic: Rs 1,53,984 | Net: Rs 1,82,092 At 2.57: Basic: Rs 2,06,114 | Net: Rs 2,41,519 For Grade Pay 8900: At 1.92: Basic: Rs 1,85,472 | Net: Rs 2,17,988 At 2.57: Basic: Rs 2,48,262 | Net: Rs 2,89,569 Here's What to Expect While these calculations provide a helpful preview, they are only estimates based on current assumptions and expert predictions. The final salary figures will only be confirmed once the 8th CPC submits its official recommendations and the government approves them. For now, employees can use this information to get a rough idea of what their revised salary, allowances, and deductions might look like under the upcoming pay structure. Keep in mind that these are indicative numbers. Actual revised amounts may differ once officially announced. view comments Location : Delhi, India, India First Published: August 05, 2025, 11:44 IST News business 8th Pay Commission Matrix: Revised Salary Estimates For Employees With Grade Pays From Rs 2,400 To Rs 8,700 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India.com
31-07-2025
- Business
- India.com
8th Pay Commission news: Centre makes BIG announcement, says 8th CPC will be constituted in...; big update Central govt employees must know
Representational Image 8th Pay Commission News: In an important update for Central employees who have been eagerly awaiting the announcement of the 8th Pay Commission, the Union government has addressed major questions regarding the matter during the ongoing monsoon session of the Parliament. What did the government say? In a written reply to queries raised by TMC Rajya Sabha MP Sagarika Ghose about the formation of the 8th Central Pay Commission (CPC), Minister of State for Finance Pankaj Chaudhary informed the House that the Central government has decided to constitute the 8th CPC and has sought suggestions from major stakeholders, including Ministry of Defense, Ministry of Home Affairs, Department of Personnel and Training and the States, who will give their recommendations within the timeframe prescribed in the Terms of Reference (ToR). An official notification announcing the formation of the 8th CPC will be issued in due course, Chaudhary said. What are ToR suggestions for 8th CPC? According to the government, the ToR suggestions for the 8th Pay Commission include examining the existing pay structure, allowances and other benefits /facilities, retirement benefits like pension / gratuity and other terminals benefits etc. to the following categories of employees:- Central Government employees (industrial and non-industrial) Personnel belonging to All India services Defence Forces and Para Military Forces personnel Grameen Dak Sewaks of the Postal Department Personnel of Union Territories Officers and employees of the Indian Audit and Accounts Department Officers and employees of the Supreme Court Members of Regulatory bodies (excluding RBI) set up under Act of Parliament Employees of Central Government Autonomous Bodies and Institutions Additionally, the Staff Side NC(JCM) has suggested that the 8th Pay Commission should consider the merger of non-viable Pay scales such as Level 1 with Level 2, Level 3 with Level 4 and Level 5 with Level 6. It also suggested that 7th CPC Anomalies, which it had raised in the Anomaly Committee meetings and JCM meetings, should be settled in the ToR. When will 8th Pay Commission be implemented? If we go by the implementation of previous pay commissions, it usually takes about 18 to 24 months for the government to implement the recommendations. Thus, its unlikely that 8th Pay Commission would be implemented before mid-2027. Currently, 7th Pay Commission recommendations are in force, and will remain so till December 2025. A new pay commission is constituted every 10 years which tenders suggestions for revision of salary and pension of central government employees and pensioners in wake of the prevailing economic scenario in the country. The 8th Pay Commission was announced by the Union government in January this year.
India.com
28-07-2025
- Business
- India.com
7th Pay Commission Last Hike: Good news for Govt employees on final increment! DA, DR will be credited in account by…
7th Pay Commission Big Update Although many government employees are awaiting 8th Pay commission formation, there is an update on 7th Pay commission DA hike. According to media reports, the final hike in Dearness Allowance (DA) and Dearness Relief (DR) for July 2025 is expected to be announced soon. This revision will be effective from July and is likely to be credited into bank accounts by October just ahead of the festive season. 7th Pay Commission Salary Hike Around 1 crore beneficiaries including 33 lakh employees and 66 lakh pensioners are eagerly awaiting this final revision under the 7th Central Pay Commission (CPC). The 7th CPC was implemented in January 2016 and is set to conclude in December 2025. In March this year, the government had raised DA by 2%, taking it from 53% to 55% of basic salary, effective January 2025. The primary purpose of these adjustments is to offset the impact of inflation, making DA a critical component of government employees' salaries. After this final DA hike, focus will shift to the 8th Pay Commission, which is expected to come into force from January 2026. Typically, when a new pay commission is implemented, the DA is reset to zero because the inflation index baseline changes. For example, before the implementation of the 7th CPC in 2016, DA had reached 125% of basic pay. According to Ambit Capital, if the DA reaches 60% before the 7th CPC ends, the new pay structure can give a salary increase of around 14%. However, this would be the slowest growth compared to the last four pay commissions. What Can Employees Expect? DA hikes are calculated based on the Consumer Price Index for Industrial Workers (CPI-IW), which tracks monthly retail price changes in a fixed basket of goods and services. The formula used under the 7th Pay Commission is: DA (%) = [{12-month average of AICPI-IW (base year 2001) – 261.42} / 261.42] x 100 In March 2025, the government raised DA by 2%, bringing it to 55%, effective from January 2025. These revisions are designed to ease the inflationary burden on employees, making DA a vital part of their compensation.
