Festival Bonanza for Babus – 2nd Instalment of Pay Commission Arrears
Central Government Employees have every reason to celebrate Dusshera and Deepavali in grand style – it's raining money – they are going to get the second instalment of the VI Pay Commission Arrears – and that is going to be one and a half times of what they got last year.
About Rs. 12,000 Crores will come into the economy and will surely help the markets.
Government servants will be permitted to deposit their arrears in their GPF Accounts. Though not mandated, Government servants are encouraged to deposit their arrears in their GPF accounts, as per the Government OM. But please remember, under the new tax regime, withdrawals from the GPF may be taxable – so GPF may not be after all a wise investment – spending that money maybe a better option!