Sensex rises over 650 points after Centre announces 5% DA hike
Sensex on Wednesday rose over 650 points after Centre announced a 5 per cent hike in Dearness allowance, which benefits more than 50 lakh government employees. They will now get 17 per cent DA, instead of the previous 12 per cent.
At 3.30 pm, Sensex was 652 points up at 38,177.95.
The Cabinet approved releasing an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from July 1, 2019 representing an increase of 5 percentage points over the existing rate of 12 per cent of the basic pay/pension, to compensate for price rise, an official statement said.
This increase is in accordance with the accepted formula based on the recommendations of the 7th Central Pay Commission.
