Tag: pay hike

  • 7th Pay Commission: This government approves 27.5 percent salary hike for seven lakh employees | Personal Finance News

    BENGALURU: The Karnataka cabinet on Monday decided to implement the recommendations of the seventh Pay Commission effective from August one, official sources said. The Chief Minister is expected to make an announcement regarding the pay hike to more than seven lakh state government employees in the Legislative Assembly on Tuesday, the sources said.

    The 7th Pay Commission, headed by former chief secretary K Sudhakar Rao, has recommended a 27.5 percent hike on basic salary of government employees. This is expected to cost the government exchequer an additional Rs 17,440.15 crore annually. Siddaramaiah government was under pressure to decide on a pay hike, after the Karnataka State Government Employees Association announced its plans to go on an indefinite strike from August.

    In March 2023, the then Chief Minister Basavaraj Bommai gave employees an interim 17 per cent salary hike, to which the Siddaramaiah administration is likely to add a 10.5 percentage points hike, which will total to 27.5 per cent hike on basic salary, as per the recommendation of the 7th Pay Commission, the sources said.

  • Average pay hike more likely to be at 8-12% in 2022: Report

    India Inc is probably going to provide a median hike of 9 per cent wage hike this yr attributable to a extra constructive funding outlook, particularly in manufacturing and infrastructure improvement, in response to a report.

    The frequent wage enhancement in 2022 goes to be 9 per cent towards 7 per cent within the pre-pandemic yr of 2019, in response to the Michael Page Salary Report 2022.

    Startups and new-age firms, along with the unicorns, are set to guide this pattern with a generally estimated hike of 12 per cent, it added.

    Growth sectors embody the banking and monetary providers trade, property and building, in addition to manufacturing, the report famous.

    Senior-level professionals with pc science backgrounds might be in a very good place to barter for a few of the highest paying jobs in India, because of the progress of e-commerce and different sectors present process digital transformation, it added.

    Data scientists (particularly these accustomed to machine studying), internet builders and cloud architects might be in excessive demand, particularly if they’ve a bachelor’s diploma or a grasp’s diploma from a top-rated college, the report mentioned.

    The common wage of technologists is anticipated to be increased than professionals with comparable academic {qualifications} in different job features, it added.

    The Michael Page Salary Report 2022 is predicated on info and details derived from its proprietary knowledge and community in India, together with job commercials and placements made in 2021, incorporating wage projections for 2022.

    The report additional acknowledged that corporations are actually taking a look at retaining prime performers with an array of provides, together with shorter – quarterly or half-yearly – appraisal cycles, promotions, variable pay-outs, inventory incentives, retention bonuses, and mid-term increments.

    Employers don’t anticipate any additional vital affect of the pandemic in the marketplace and are buoyant about future enterprise plans, the report noticed.

    High performing people and staff with area of interest abilities can anticipate above-average increments (20-25 per cent or much more on a case-by-case foundation) as most organisations have turn into nimble in the case of retaining their prime expertise, it added.

    “The general temper is constructive as there’s a basic feeling that the pandemic is behind us. The hiring market has seen a formidable rebound, with corporations competing towards each other to draw and rent one of the best expertise.

    “The mega boost is the result of rising attrition, a huge talent shortage and a dearth of in-demand skills that are predominantly driving the salaries higher,” Michael Page Managing Director India Ankit Agarwala mentioned.

    Professionals with area of interest abilities will get increased wage hikes attributable to an enormous dearth of such expertise out there, he famous.

    “Remuneration may be important, but it is not everything in talent attraction corporations which will focus on people’s first strategy from leadership communication, mental well-being and flexible opportunities will ultimately win the war of talent,” he added.

  • Doubts persist regardless of Isaac’s daring announcement of pay hike

    By Express News Service
    THIRUVANANTHAPURAM: Finance Minister Thomas Isaac’s buget announcement that pay revision for state staff and pensioners will likely be carried out in April has been taken with a pinch of salt by the stakeholders. While some query the rationale of together with the pay revision amongst budgetary bulletins, others voiced doubts about its implementation earlier than the tenure of the LDF authorities involves an finish.

    Towards the fag finish of his funds speech, Isaac mentioned the wage arrears will likely be paid later in three instalments. Of the 2 DA arrears, one will likely be disbursed from April this 12 months whereas the opposite will likely be given in October. The arrears will likely be merged with the PF. Medisep, the medical insurance scheme for state staff and pensioners, will likely be rolled out this 12 months, Isaac mentioned.

    The final pay revision carried out in 2016, had inflicted a monetary burden of Rs 7,700 crore on the exchequer. Congress chief V D Satheesan, MLA mentioned the federal government went forward with the announcement realizing absolutely properly that it’ll not be voted again to energy. “The huge financial burden will have to be borne by the incoming government,” Satheesan mentioned.

    Ok Vimalan, president of the Kerala Gazetted Officers’ Union (KGOU), mentioned that the incumbent authorities might defer implementation of the fee’s suggestions citing technical grounds until the Election Commission pronounces the meeting ballot dates. He mentioned the federal government is silent on restoring the advantages which the workers had been disadvantaged of earlier.

    E7,700 crThe exchequer had incurred for the final pay revision in 2016Pay revision for workers, pensioners in April this 12 months: Isaac Opposition dubs it an eyewash aimed on the electionSalary arrears to be paid in three instalments; DA arrears from April