The revised pay scales, approved by the Cabinet, will be applicable from January 1, 2016.
The revised pay package will also cover teachers of 119 Centrally Funded Technical Institutions like IITs, IISc, IIMs, IISERs, IIITs and NITIE, informed Javadekar.
The faculty members at 43 central universities, 329 state universities, 12,912 government/private and aided colleges affiliated to state universities would benefit from the government's decision.
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The government hopes that the new measures will help attract and retain talented teachers, and also boost quality of higher education.
The Cabinet has approved a hike in the payment of 7.58 lakh teachers, Education Minister Prakash Javadekar announced on Wednesday. Hiking college teachers' pay in accordance to the recommendations of 7th Pay Commission will make it increase in the the range of Rs 10,400 and Rs 49,800, according to a government statement, in comparison to the existing entry pay put into effect by the 6th Central Pay Commission for the pay of teachers. Officials who have been deliberating on this matter are convinced that the fitment factor would have to rise and the basic pay be hiked to Rs 21,000.
The implementation of the pay commission recommendations will cost the government an estimated Rs 30,748 crore per year.
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The decision to implement the recommendations was taken in a meeting of Union Cabinet chaired by Prime Minister Narendra Modi. The revised salary of the assistant professors (Grade-2) will come at Rs 68,000 per month against the current Rs 56,000 per month.
For the state government-funded institutions, the revised pay scales will require adoption by the respective state governments.
Similarly, Associate Professors will draw a salary of Rs 1,31,000, Professors Rs 1,44,000 and Senior Professors Rs 1,82000.
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