The Central government on  Monday(25 March) notified a 24 per cent hike in the salaries of members of Parliament, with retrospective effect from April 1, 2023. An MP will now get Rs 1.24 lakh per month as salary as against Rs 1 lakh per month they received so far.

• The pension for former MPs has been revised from Rs 25,000 to Rs 31,000 per month, with an increase in additional pension for every extra year of service beyond five years from Rs 2,000 to Rs 2,500, according to the Ministry of Parliamentary Affairs.
• The last update to MPs’ salaries, allowances, and pensions took place in April 2018.
• The hike is expected to have a financial impact on the exchequer, given that there are 543 Lok Sabha MPs, 245 Rajya Sabha MPs, and numerous former lawmakers who will benefit from the increased pension.