Parliamentary Pay Hike: MPs to Get 24% Raise; Pension & Allowance Increased

New Delhi (The Uttam Hindu): In a significant development, the Centre has notified a 24% hike in the salaries and pensions of Members of Parliament (MPs), effective from April 1, 2023. This move is based on the Cost Inflation Index, which is specified in the Income Tax Act of 1961. According to the notification issued by the Ministry of Parliamentary Affairs, the salary of MPs has been increased from Rs 1 lakh per month to Rs 1.24 lakh per month. This hike is expected to benefit all MPs, including those from the Lok Sabha and the Rajya Sabha.

In addition to the salary hike, the daily allowance for sitting members has also been increased. The daily allowance has been hiked from Rs 2,000 to Rs 2,500. This increase is aimed at helping MPs meet their daily expenses while attending Parliament sessions. The pension for former MPs has also been increased. The pension has been hiked from Rs 25,000 per month to Rs 31,000 per month. This increase is expected to benefit all former MPs, including those who have retired from active politics. Furthermore, the additional pension for every year of service in excess of five years has also been increased. The additional pension has been hiked from Rs 2,000 per month to Rs 2,500 per month. This increase is aimed at rewarding MPs for their long service to the nation.

The increase in the salary, daily allowance, pension and additional pension is part of the Salary, Allowances and Pension of Members of Parliament Act. This Act aims to adjust the salaries and pensions of MPs according to the Cost Inflation Index, which is specified in the Income Tax Act of 1961. The notification issued by the Ministry of Parliamentary Affairs is a significant development, as it aims to improve the financial benefits of MPs. The hike in salary, daily allowance, pension and additional pension is expected to benefit all MPs, including those from the Lok Sabha and the Rajya Sabha.