NEW DELHI: The recommendations of the Seventh Pay Commission are expected to cost the government an additional Rs 1 lakh crore during the next financial year, with the impact on the general and railway budgets estimated at 0.65% of gross domestic product (GDP). The pay panel headed by Justice A K Mathur, which submitted its report on Thursday evening, has recommended a new one-rank one-pension formula that covers all retired central government employees, which will...
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