In a relief to teachers and other academic staff of the State government and government-aided degree-level technical institutions, the Central government has given a nod to extend the 7th Central Pay Commission. The move is estimated to cost an additional Rs 1,241.78 crore liability to the Central government, reported ANI.
The Central government will also bear the burden of reimbursing 50 percent of the overall additional expenditure, from 1 January 2016 to 31 March 2019, which will be incurred by these institutions for payment of arrears on account of the 7th Central Pay Commission.
“This will directly benefit a total of 29,264 teachers and other academic staff of State government funded institutes. Besides, about 3.5 lakh teachers and other academic staff of private colleges or institutions within the purview of All India Council of Technical Education (AICTE) will also benefit from the approval.”Prakash Javadekar, Union HRD Minister
The decision was taken at a meeting convened by the HRD Ministry, UGC and the All India Council of Technical Education (AICTE).
Meanwhile, speculations are rife that the Modi government may tweak its New Pension Scheme (NPS), by next week, according to Zee Business.
The government had decided to make some changes to the NPS in December last year, to not just hike the Centre’s contribution to the corpus, but also introduce tax exemptions. However, no formal announcement was made regarding the plan, reported Business Today.
(With inputs from PTI, Zee Business and Business Today.)
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