7th Pay Commission – Cabinet Approves new Pension Plan, 55 Lakh Central Govt Employees to Benefit
New Delhi: The Union Cabinet on Wednesday approved modifications in the 7th pay commission recommendations related to the method of revision of pension and pensionary benefits of pre-2016 pensioners.
Benefit of proposed modifications will be available with effect from Jan, 2016, i.e., the date of implementation of the 7th pay commission recommendations.
With this approval, annual pension bill of the central government is likely to be Rs 1,76,071 crore.
Below are the key features of new pension plan: