Monthly salary of Chairperson and full time members of NFRA increased

Monthly salary of the Chairperson and full time members of NFRA increased.

The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024

Ministry of Corporate Affairs has amended the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.

The amendment has been made to enhance the monthly salary of the Chairperson and full time members of the NFRA.

Currently as per Notification No. G.S.R. 165(E)  dated 28.02.2022, the Chairman of NFRA have the option to draw either a consolidated monthly salary of four lakh fifty thousand rupees without house and car or the pay and allowances as are admissible to a Secretary to the Government of India and every full time member have the option to draw either a consolidated monthly salary of four lakh rupees without house and car or the pay and allowances as are admissible to an Additional Secretary to the Government of India.

By the Notification No. G.S.R. 543(E)  dated 06.09.2024, the above said existing limit of consolidated monthly salary of Rs. 4,50,000/- for NFRA Chairman has been now enhanced to Rs. 5,62,500/- and the limit of Rs. 4 lakhs for full time members has been increased to Rs. 5,00,000/-.

Where the Chairperson exercises the option to receive pay as admissible to a Secretary to the Government of India or a full time member exercises the option to receive pay as admissible to an Additional Secretary to the Government of India and is in receipt of monthly pension from either the Central Government or a State Government, the pay of such Chairperson or Member, as the case may be, shall be reduced by the gross amount of pension drawn by him.

The Chairperson or a full time member, who has opted for pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government of India, as the case may be, shall be entitled to house rent allowance at the same rate as is admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay.

Also, the Chairperson or a full time member of NFRA, who has opted for pay and allowances as are admissible to a Secretary or an Additional Secretary to the Government of India, as the case may be, shall be entitled to the facility of staff car for journeys for official and private purposes in accordance with the facilities as are admissible to a Central Government officer holding a Group ‘A’ post carrying the same pay as per the provisions of applicable staff car rules.

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