The Centre has notified a 24% increase in the salaries of Members of Parliament (MPs), effective from April 1, 2023, based on the Cost Inflation Index. The revised salary for MPs will now be Rs 1.24 lakh per month, up from the previous Rs 1 lakh. Additionally, the Ministry of Parliamentary Affairs has announced an increase in daily allowances and pensions for both sitting and former MPs.
The daily allowance for MPs has been raised from Rs 2,000 to Rs 2,500. Similarly, former MPs will receive a higher monthly pension of Rs 31,000, compared to the earlier Rs 25,000. The additional pension for every year of service beyond five years has also been increased from Rs 2,000 to Rs 2,500 per month, providing further financial support to retired members.
The salary and allowance revisions were implemented under the Salary, Allowances, and Pension of Members of Parliament Act, utilizing the Cost Inflation Index as specified in the Income Tax Act of 1961. The government’s decision aims to account for rising living costs and ensure adequate financial compensation for MPs and former legislators.
Post Your Comments