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The finance ministry releases a notification today that government has accepted the minimum pay, fitment Factor, index of rationalisation, pay matrices and other recommendations of the seventh pay commission*

* Some features of the defence pay matrix have not been accepted (page 21 here). A full list of all recommendations also can be found there.

The revised pay can be computed with Seventh Pay Commission Calculator: Pay Fixation with Pay Matrix

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With the government having approved the 7th pay commission pay hike for government employees, there is a furore and anger that the hike is not large enough. As with each pay commission, non-government employees grumble about how the govt servant is overpaid and not accountable enough.

Next month I complete 10 years of contiguous govt employment. I thought this might a good time to look back on how my salary has grown over the years for some perspective.

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Direct mutual fund plans are those that do not have a trail commission component and should be purchased 'directly'* from an AMC. These plans were introduced on 1st Jan. 2013. In this post, the returns of direct mutual funds are compared with 'regular' mutual funds (ones sold by distributors, banks, online portals etc.).

(*) This is changing rapidly! See below.

This exercise was also carried out last year: Direct Mutual Fund Option – The Second Anniversary Report.

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Here is a seventh pay commission calculator based on the pay commission report which allows you to determine your new salary based on the pay matrix. Do share this sheet with your colleagues or friends who work for central or state governments.

For pensioners: Seventh Pay Commission Revised Pension Calculation

The six pay commission introduced the concept of pay grades and did away with the concept of a pay scale. The seventh pay commission wants to get rid of the pay grade and use a simply pay matrix to fix pay.

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