Diwali bonanza: Punjab announces 7% DA hike
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A day ahead of Diwali, the Punjab government on Monday enhanced the rate of dearness allowance (DA) payable to the state government employees and pensioners from 65 per cent to 72 per cent of the revised basic pay with effect from July 1, 2012.
While disclosing this, state Finance Minister Parminder Singh Dhindsa said the enhanced DA due to be given to the employees from July 1, 2012 to October 31, 2012 has been given in two ways.
He said that the enhanced DA for the first two months - from July 1, 2012 to August 31, 2012 — would be deposited in to the General Provident Fund (GPF) account of employees, whereas the arrear of the DA calculating from September 1, 2012 to October 31, 2012 would be given in cash.
He said that from November 1, 2012 onwards, enhanced DA would be merged in the salaries to be given to the employees. The DA has been increased on the pattern of the Union government.
The Finance Minister said 7 per cent DA increase would put an additional liability of Rs 351.63 crore on the state exchequer.
Dhindsa added that in case of such employees, who have been appointed on or after January 1, 2004, enhanced DA due for the period from July 1, 2012 to August 31, 2012 would be paid in the shape of National Saving Certificates or Kisan Vikas Patras.
The minister said in case of pensioners, the entire amount on account of enhanced dearness allowance would be paid in cash with effect from July 1, 2012.