24% hike in the salaries and pensions of Members of Parliament (MPs):
The Central government has notified a 24% hike in the salaries and pensions of Members of Parliament (MPs) with retrospective effect from 1st April 2023. However, the India Employment Report (IER) 2024 reveals stagnation and decline in real wages for India’s working population, highlighting the growing economic divide.Since 2018, salaries and pensions of MPs are revised every five years based on the Cost Inflation Index (CII) instead of requiring a separate parliamentary approval.
