Javadekar stressed on the importance of attracting talent into academics as most look to the West for higher studies.
It will also benefit teachers and equivalent academic staff in 329 Universities which are funded by state governments and 12,912 government and private aided colleges affiliated to State Public Universities.
The revised pay scales will be implemented with retrospective effect from January 1, 2016.
The decision comes after the implementation of the recommendations of the 7th Pay Commission for Central government employees.
Making an announcement in this regard, Human Resources and Development Minister Prakash Javadekar on Wednesday said that teachers of all centrally funded deemed universities and 43 central universities would get the benefits of the 7th Pay Commission, which was cleared by the Union Cabinet on June 28 with 34 amendments to the recommendations.
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The revision in salary will cover 119 centrally-funded technical institutions like IITs and IIMs, among others. In money terms, teachers can expect their salary to go up by anything between Rs. 10,000 to Rs. 50,000, NDTV reported.
Assistant Professors who are presently getting Rs 47,000 (at entry level) will now get Rs 57,700. In total, the annual Central financial liability on account of this measure would be about Rs 9,800 crore.
Also Read: 7th Pay Commission: GDP growth, inflation to restrict new hike to 17%. The Centre will bear ₹1,400 crore per year on this, while the States will have to pay out an additional ₹8,400 crore. However, he said that the government is extending this benefit to teachers who forsake the lure of corporate sector to stay in government job guided by a sense of duty.
For the State Government funded institutions, the revised pay scales will require adoption by the respective State Governments, the HRD Ministry said.