Fitment Factor Hike: There may be a big announcement from the Finance Minister regarding the fitment factor in this budget. After the upcoming budget, the government can make a big change in it.
Union Budget 2023-24: Less than 15 days are left for the presentation of the budget for the financial year 2023-24. As the date of the general budget is coming closer, the expectations of the people regarding the budget are also increasing. From job professionals to farmers, from common man to businessmen, it is expected that the government will definitely announce something big this time as it is the last full budget before the Lok Sabha elections. Meanwhile, it is also expected that the central employees can get good news in the budget.
Announcement on fitment factor is expected
It is being claimed in many media reports that there may be a big announcement regarding fitment factor in this budget from the Finance Minister. After the upcoming budget, the government can make a big change in it. If this change happens, there will be a bumper increase in the salary of central employees. At present, the minimum salary of central employees is Rs 18,000. If there is a change in the fitment factor, it will increase to Rs 26,000.
Demand to increase from 2.57 to 3.68 times
Let us tell you that fitment factor has a big role in the salary of central employees. In the past, sources claimed that the government is preparing to prepare a draft related to the fitment factor before the 2024 Lok Sabha elections. The revision of the fitment factor is expected to be discussed in the draft. There has been a long standing demand from the employees to increase the fitment factor from 2.57 to 3.68 times.
Right now the fitment factor of central employees is 2.57. Accordingly, on the basic pay of 18000 (18,000 X 2.57 = 46260) the employees get Rs 46260. But according to the demand, if it is increased to 3.68 times, then excluding other allowances, the salary will be 26000 X 3.68 = Rs 95680. Apart from this, there is a possibility of announcement on DA in the cabinet meeting to be held on March 1, 2023 after the budget. Dearness Allowance (DA hike) may increase by 4 percent to 42 percent this time.
