Also, salaries of teachers at 119 centrally-funded institutions like the IITs, IIMs, IISc, NITIE, and IIITs would be revised.
The decision will benefit 7.58 lakh teachers and equivalent academic staff in the 106 Universities and Colleges which are funded by the UGC/MHRD and also 329 Universities which are funded by State Governments and 12,912 Govt. and private aided colleges affiliated to State Public Universities, an official statement released by Union HRD Ministry said. This will be applicable from January 1, 2016. The additional presure on the state exchequer to make this pay hike possible is estimated to be close to Rs 9,800 crore.
The government had approved the recommendation of the 7th pay commission for the pay hike. It is expected that the MoC will pave the way for bilateral cooperation between the two countries in the area of skill development. "We must attract talent into academics", Human Resource Development Minister Prakash Javadekar said.
The minister said the faculty at central government's institutes and universities will get the benefit immediately but teachers at higher education institutions run by the states may have to wait a bit longer.
While at first the government was thinking of giving arrears, the change in decision was prompted after the April-June GDP growth slipped to a three-year low of 5.7 percent.
"We must give a good salary package so that the existing talent is retained in the academic sector, compared to attractive packages in the industry", Mr. Javadekar said.
"Teachers of all centrally funded deemed universities and 43 central universities to get benefit of 7th Pay Commission".
The central government employees who have been waited for months to get revised allowances under the 7th pay commission are now looking forward to the pay hike.