New Delhi, March 24 -- The government has approved a hefty 24% hike in the pay packets and pensions of members of Parliament (MPs), with retrospective effect from 1 April 2023.

The revision, carried out under the Salary, Allowances and Pension of Members of Parliament Act, 1954, is linked to the Cost Inflation Index specified in the Income Tax Act, 1961.

With this increase, MPs' monthly salary rises from Rs.1 lakh per month to Rs.1.24 lakh, while their daily allowance increases by 25% from Rs.2,000 to Rs.2,500, as per a ministry of parliamentary affairs notification issued on Monday.

The pension for former MPs has also been revised upward by 24%, from Rs.25,000 to Rs.31,000 per month.

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