MPs’ Salary Hike: An important announcement has been made regarding the increase in salary, daily allowance, pension and additional pension for MPs and former MPs. These new rates will be effective from April 1, 2023. The Ministry of Parliamentary Affairs has taken this decision based on the cost inflation index.
Now the monthly salary of MPs has been increased from ₹ 1,00,000 to ₹ 1,24,000, which is an increase of 24%. Apart from this, the daily allowance of MPs has been increased from ₹ 2,000 to ₹ 2,500.
Pension Hike for Former MPs
The pension of former MPs has also been revised. Their monthly pension has been increased from Rs 25,000 to Rs 31,000. Apart from this, the additional pension for each year after the tenure of five years has been increased from Rs 2,000 to Rs 2,500 per year.
This decision has been notified by the Ministry of Parliamentary Affairs under the Salary, Allowances and Pension of Members of Parliament Act, 1954.
When Was the Last Revision?
The last revision in the salaries, allowances and pension of MPs took place in April 2018. The increase is expected to have a financial impact on the treasury, as it will benefit 543 Lok Sabha MPs, 245 Rajya Sabha MPs, and numerous former MPs receiving increased pensions.
MPs’ Salaries Are Reviewed Every Five Years
Since 2018, MPs’ salaries and allowances are reviewed every five years based on the inflation rate. In 2018, the law governing MPs’ salaries and allowances was amended to include this periodic review.
MPs’ Salary Hike Welcomed by Politicians, Criticized by Public
There have been mixed reactions to this decision. MPs and former MPs have welcomed this move, but a section of the public believes that the government should give priority to improving the economic condition of the common people before increasing the salaries and pensions of MPs.
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