The biggest fraud was revealed at the Punjab National Bank and it is estimated at over Rs 11,400 cr. There are more banks who have been exposed. This will add to the pressure on the governemnt and the cost of effecting a 7th Pay Commission hike in salary as per demands may not happen at all or be delayed beyond a certain period. This will come as a big disappointment as Centre had cleared 7th Pay Commission report implementation as far back as in June 2016. A long time has elapsed since then. Then minimum pay was raised from Rs 7,000 to Rs 18,000 per month on the basis of fitment factor of 2.57 times. Employees however, want hike on basis of fitment factor calculated at 3.68 times. Centre has reportedly been offering just 3.00 times. As such Seventh Pay Commission news has been much searched by staff concerned for any latest updates. But 7th CPC good news continues to hang in balance.
So, what is this 7th Pay Commission report fitment factor? Well, it is a figure used by which the basic pay is hiked from its previous level based on 6th Pay Commission report.
Notably, what is giving hope to governemnt employees is the fact that Finance Minister Arun Jaitley had in Parliament vowed to hike pay over and above the 7th Pay Commission report suggestion.