Chandigarh, November 12, 2012: The Punjab Government today announced Diwali Bonanza by enhancing the rate of Dearness Allowance (DA) payable to the state government employees/pensioners from 65 per cent to 72 per cent of the revised basic pay with effect from July 1, 2012.
While disclosing this here, Finance Minister Parminder Singh Dhindsa said that the enhanced DA due to be given to the employees from 1st July, 2012 to 31st October, 2012 has been given in two ways.
He said that the enhanced DA for the first two months i.e. from 1st July, 2012 to 31st August, 2012 would be deposited in to the General Provident Fund (GPF) account of employees, whereas the arrear of the DA calculating from 1st September, 2012 to 31st October, 2012 would be given in cash.
He further said that from 1st November, 2012 onwards, enhanced dearness allowance would be merged in the salaries to be given to the employees.
Dhindsa said that the dearness allowance has been increased on the pattern of Union Government. The Finance Minister said that 7 per cent DA increase would put an additional liability of Rs. 351.63 crore on the state exchequer.
Dhindsa said that in case of such employees, who have been appointed on or after 1st January, 2004, enhanced dearness allowance due for the period from 1st July, 2012 to 31st August, 2012 would be paid in the shape of National Saving Certificates/Kisan Vikas Patras.
The Finance Minister said that in case of pensioners, the entire amount on account of enhanced dearness allowance would be paid in cash with effect from 1st July, 2012.