7th Pay Commission Latest News Updates 2020, Diwali bonus, Central Government Employees, 7th CPC Latest News: The Union Cabinet on Wednesday approved bonus through Direct Benefit Transfer (DBT) for 30 lakh non-gazetted employees of the central government. Two important decisions were taken in the union cabinet meeting. Firstly, the union cabinet approved productivity linked bonus and non-productivity linked bonus for 2019-2020.
More than 30 lakh non-gazetted employees of the central government will be benefited by the bonus announcement and total financial implication will be Rs 3,737 crores. Union Minister Prakash Javadekar informed reporters after the cabinet meeting that The bonus will be given in a single instalment, through Direct Benefit Transfer, before Vijayadashami.
FM announced Cash vouchers, special festival advance scheme on avail for govt employees: Trying to give a boost to the plummeting economy, Finance Minister Nirmala Sitharaman on October 12 announced two proposals, Leave Travel Concession (LTC) Cash Voucher Scheme and Special Festival Advance Scheme to stimulate consumer demand. Sitharaman said there are indications that savings of government and organised sector employees have increased. Finance Minister said under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12 per cent or more.
On a conservative basis, LTC Cash Voucher Scheme will generate additional consumer demand in the range of Rs 28,000 crore. The demand infusion in the economy by the central government and PSUs will be approx Rs 19,000 crore. Even if 50 per cent of the states opt to give this facility, this will bring in Rs 9,000 crore. The Special Festival Advance Scheme for non-gazetted employees is being revived as a one-time measure, for gazetted employees too.