The Cabinet is open to the Sixth Pay Panel recommendations and the wage hike would exceed the Pay Panel estimate by Rs 11,000 crore. The wage arrears will be paid in two instalments. 40% of the wage arrears would be paid in cash in FY09 and 60% in FY10. The minimum wage of government employee would be Rs 10,000 per month and at least three promotions are assured for defence and civilian employees. The wage bill will now rise by Rs 17,800 crore each year due to this pay hike. The average pay hike for the Central Government staff is slated to be around 21%.
The Finance Minister, P Chidambaram said that the Sixth Pay Commission hike would impact the FY09 Central Budget by Rs 15,717 crore and the Railway Budget by Rs 6,414 crore.
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