State Finance Minister KN Balagopal revealed plans for a one-time installment of Dearness Allowance (DA) to be disbursed in April 2024, addressing a longstanding demand from the beneficiaries.
DA Hike in April 2024: The Kerala government commits to disbursing one installment of Dearness Allowance (DA) in April 2024, benefiting government employees and pensioners.
Assured Pension Scheme: During the budget presentation, Finance Minister Balagopal announced an assured pension scheme for employees. The existing contributory pension scheme will undergo a review.
Economic Review: The Economic Review report presented in the Kerala Assembly highlighted the state’s steady economic growth, with the Gross State Domestic Product (GSDP) recording a 6.6% growth in 2022-23.
Social Security Allocation: A significant allocation of Rs 553.31 crore has been designated for social security and welfare programs, emphasizing the government’s commitment to the well-being of its citizens.
Stamp Duty and Liquor Prices: The state government indicates an increase in stamp duty for land and building lease agreements. Additionally, liquor prices in the state are set to rise.
Investment in Higher Education and Tourism: The government aims to attract investments in higher education, allocating Rs 50 crore to boost tourism at 20 destinations.
International AI Conclave: Kerala plans to host an international AI conclave in collaboration with IBM in July 2024, fostering technological advancements and global collaboration.
Comparison with Other States: The announcement aligns with the trend of several states, including West Bengal, Meghalaya, and Punjab, implementing DA hikes for their employees in late 2023.
The Kerala government’s commitment to addressing financial concerns of employees and pensioners reflects its dedication to promoting economic well-being.