New Delhi: Travel (LTC) cash voucher and special festival advance schemes have been announced for government employees ahead of the upcoming festive season. The sops, by Finance Minister Nirmala Sitharaman, are an attempt to stimulate demand and boost consumer spending, NDTV reported.
“Indications are that savings of govt. and organized sector employees have increased, we want to incentivize such people to boost demand for the benefit of the less fortunate,” the Finance Minister was quoted as saying
Under LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment and 3 times the ticket fare to purchase items that attract GST of at least 12 per cent.
If the central government employees opt for these benefits, this will cost around Rs 5,675 crore. The employees of PSBs & PSUs are also allowed to avail this facility, and for them, the cost will be Rs 1,900 crore, the report added.
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