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The Centre raised the gratuity limit for central government employees from Rs 20 lakh to Rs 25 lakh, effective January 1, 2024. The Dearness Allowance was increased by 4% in March, benefiting millions of employees and pensioners

Government hikes gratuity limit by 25% for Central government employees

<h2>The Centre raised the gratuity limit for central government employees from Rs 20 lakh to Rs 25 lakh, effective January 1, 2024. The Dearness Allowance was increased by 4% in March, benefiting millions of employees and pensioners</h2>

In some good news for government employees, the Centre has decided to raise the gratuity limit of central govt employees by 25%. This comes after the Dearness Allowance was increased by 4% in March.&nbsp;
With this, the gratuity limit is increased from Rs 20 lakh to Rs 25 lakh and the hike is effective from January 1, 2024.
"As per the Government's decisions in the implementation of the recommendations of the Seventh CPC, the maximum limit of Retirement Gratuity and Death Gratuity under the Central Civil Services (Pension) Rules, 2021 or the Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021, would be increased by 25% i.e. from ₹20.00 Lakh to ₹25.00 Lakh, with effect from 1" January 2024," Ministry of Personnel, Public Grievances &amp; Pensions Department of Pension &amp; Pensioners' Welfare said in an Office Memorandum.
<h3>Hike in Gratuity</h3>
Gratuity is the amount an employer pays the employee in return for services offered by him to the company. However, only those employees who have been employed by the company for five years or more are given the gratuity amount. It is given in addition to salary, pension and Provident Fund.
Earlier in March, the government approved the release of an additional installment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners. The new rate represented an increase of 4% over the existing rate of 46% of the basic pay/pension.
As per the government, the hike will cost Rs 12,868.72 crore per annum to the state exchequer and will benefit 49.18 lakh Central Government employees and 67.95 lakh pensioners across the country.
The hikes are according to the recommendations of the 7th Central Pay Commission.
Also watch: <a href="https://www.editorji.com/business-news/7th-pay-commission-central-govt-employees-da-may-increase-by-4-in-march-1709016073531">7th Pay Commission: Central govt employees' DA may increase by 4% in March</a>

According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly in manufacturing and operations roles along with demand for professionals skilled in data analytics, machine learning &amp; AI

Senior level job roles to see average 20% pay hike on buoyant economic sentiments: Report

According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly in manufacturing and operations roles along with demand for professionals skilled in data analytics, machine learning & AI

<h2>According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly in manufacturing and operations roles along with demand for professionals skilled in data analytics, machine learning &amp; AI</h2>

Salary hike in senior level job roles is expected to reach an average of 20% this year, as nurturing talent and fostering innovation remains a key focus area for companies amid the country's buoyant economic conditions, says a report.
<h3>Resurgence in hiring</h3>
According to the Michael Page India Salary Guide 2024, there is a resurgence in hiring within traditional industries, particularly evident in the continued high demand for manufacturing and operations roles.
Additionally, there's a notable surge in the need for professionals skilled in data analytics, generative AI, and machine learning across various sectors.
The annual guidance report covers the key sectors of BFSI, engineering &amp; manufacturing, finance &amp; accounting, healthcare &amp; lifesciences, human resources, legal, compliance, procurement &amp; supply chain, property &amp; construction, sales &amp; marketing, and technology.
According to the report, India's 6% GDP growth coupled with significant domestic investments and independence from external factors, positions India uniquely in the region, even amidst global challenges.
"With India's economy displaying such resilience and optimism, and surpassing its pre-COVID performance, the focus is now on harnessing this potential. Nurturing talent and fostering innovation thus remains a key," said Ankit Agarwala, Managing Director at PageGroup.
Agarwala further noted that the IT services industry, a cornerstone of the Indian economy, is witnessing a phase of recalibration. Companies are moderating their approach to salary increments, with expected hikes around 8%-10%.
"Industries like consumer, renewables, finance, and healthcare are flourishing, bolstered by investments from local and domestic companies," Agarwala said.
<h3>Salary hike</h3>
Sector-wise analysis showed that in IT &amp; Technology, the hike range varies from 35-45% for junior employees, 30-40% for mid-level executives, and 20-30% increment for senior management.
The property and construction sector is offering 20-40% hike to juniors, 25-45% hike to middle-level executives and a 20-40% salary appraisal to seniors.
"As we delve deeper into 2024, the employment narrative in India is about more than just salaries. Flexibility, work culture, and professional growth opportunities are increasingly pivotal in job transitions, reflecting a maturing and holistic employment ecosystem," said Anshul Lodha, Managing Director at Page Group.
Michael Page is a leading global recruitment firm specialising in permanent, contract, and temporary recruitment. Michael Page operates in 37 countries worldwide and has a strong presence in India.

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