Updated February 5th, 2024 at 15:12 IST
7th Pay Commission Latest News Update: Kerala Govt Announces DA Hike For Employees, Pensioners
FM Balagopal also introduced a guaranteed pension scheme for state employees. Read detailed report here.
7th Pay Commission Latest News Update: Kerala Finance Minister KN Balagopal on Monday presented the much-awaited state budget for the financial year 2024-25 and announced a one-time instalment of Dearness Allowance (DA) for government employees and pensioners. He said the amount will be credited to employees', and pensioners' accounts in April 2024. Moreover, FM Balagopal also introduced a guaranteed pension scheme for state employees. Additionally, he revealed plans to reassess the current contributory pension scheme. Despite these changes, Minister Balagopal clarified that there will be no increase in social security pensions.
Kerala Budget 2024-25: Key Takeaways
- Kerala Finance Minister KN Balagopal allocated Rs 1,698.30 crore for the struggling agriculture sector and increased the minimum support price for rubber to Rs 180 from Rs 170.
- He also set aside Rs 50 crore for extreme poverty eradication and announced Rs 134.42 crore for the cooperative sector.
- Tabling the fourth budget of the second Pinarayi Vijayan government, Balagopal said that though the state is facing an economic crunch and the Centre allegedly imposing financial restrictions, the LDF government would not show any compromise in the development front.
- Indicating that the state government would go ahead with its development plans, the finance minister said investments worth Rs three lakh crore would be brought to the southern state in the next three years.
- He said Rs 1,698 crore would be set aside for the traditional agricultural sector and investments worth Rs 5,000 crore would be attracted to the tourism sector.
- "The tourism sector is growing. Allocating Rs 351 crore for it in fiscal 2024-25," he added.
- Announcing more support to the higher education sector, the minister earmarked Rs 250 crore for the Digital University.
- CPI(M) government increased the liquor prices and judicial court fees in the budget.
- Excise duty on Indian-made foreign liquor (IMFL) has been hiked by Rs 10 per litre to generate revenue of Rs 200 crore.
- Court fees and electricity duty on those generating their own electric power have also increased in the budget.
Published February 5th, 2024 at 15:12 IST