The Union Cabinet on 15 September 2011 approved seven per cent increase in the dearness allowance (DA) and relief for the Union government employees and pensioners. Currently, DA and relief stands at 51 per cent of the basic pay. The revised allowance and relief will be payable with retrospective effect from July 2011.
The decision will cost the government Rs 7,228.76 crore a year and Rs 4,819.22 crore in 2011.
The Cabinet also decided to empower the finance ministry to withdraw the reduced interest rate of nine per cent (against 9.5 or 10.5 per cent) from the National Small Savings Fund loans to states in case they deviate from their Fiscal Responsibility and Budget Management targets.
The Cabinet Committee on Economic Affairs approved a proposal for providing non-plan budgetary support of Rs 59.72 crore for liquidation of statutory dues and wages for ten loss-making central public sector enterprises. The ten loss-making central public sector enterprises include- Hindustan Cables, HMT Ltd, HMT (Watches), HMT (CW), Nagaland Pulp & Papers Co, Triveni Structurals Ltd, Tungbhadra Steel Products Ltd, Nepa Ltd, Scooters India Ltd, HMT Bearings Ltd.
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