look news india
Budget 2024: Finance Minister Nirmala Sitharaman will present the full budget on 23 July 2024. Government employees have high expectations from the first full budget of the third term of the Modi government. Government employees have been demanding to increase the fitment factor for a long time. This time one more hope has increased because they hope that after coming to power, the Modi government can give a gift to the central employees. If this happens, the salary of central employees will increase. Let us know what is the fitment factor.
What is the fitment factor?
The fitment factor determines the basic pay for all central government employees. Allowances are also decided based on the basic pay. Your salary is the money you get after the basic pay and allowances. The fitment factor is the basis for determining the basic pay.
How much will the salary increase due to increase in fitment factor
The fitment factor was last increased in 2016, in which the minimum basic salary of employees was increased from Rs 6,000 to Rs 18,000. With the possible increase in the fitment factor, the minimum basic salary can increase to Rs 26,000. At present, the minimum basic salary is Rs 18,000, which will increase to Rs 26,000. That is, the basic salary can increase by 8 thousand.
The fitment factor will have to be increased from 2.57 times to 3.68 times. The announcement of increase in the fitment factor of central employees will increase their salary. The salary of central employees will increase by Rs 8,000 directly. With the increase in basic salary, allowances related to it like dearness allowance, house rent allowance etc. will increase because it is based on basic salary.
This allowance can also be increased
If the basic salary is increased from Rs 18,000 to Rs 26,000, then the dearness allowance will increase. Dearness allowance is equal to 50 percent of the basic salary. Dearness allowance is calculated by multiplying the rate of DA with the basic salary. That is, dearness allowance will automatically increase with the increase in basic salary.
