HRD minister Prakash Javadekar told reporters that the pay hike would be applicable from 1 January 2016.
Minister for Law and Information Technology Ravi Shankar Prasad said, 119 IITs, IIMs, NITs, and IISERS will also get the benefit.
The Union Cabinet chaired by Prime Minister Narendra Modi on Monday extended the benefits of the Seventh Pay Commission to the teaching faculty of central and state universities, and colleges aided by the government. "We must attract talent into academics", said Javadekar. As per the reports, the government is seeking to raise minimum pay of the central government employees beyond the recommendation of the 7th pay commission of 7th CPC.
Earlier in June, in a bonanza to 48 lakh central government employees, the Union Cabinet on Wednesday approved recommendations of 7th Central Pay Commission with 34 modifications which will impose an additional annual burden of Rs 30,748 crores on the exchequer.
However, a year ago the recommendations of the 7th Pay Commission and the pay hike get allowance by the Union Cabinet for raising the minimum pay from Rs 7,000 to Rs 18,000 per month. This will enhance the teachers' pay in the range of Rs 10,400 and Rs 49,800.
"For the State government funded institutions, the revised pay scales will require adoption by the respective State Governments", an official statement issued by the centre said.
The salary of the associate professor has been increased to Rs 1.31 lakh per month from Rs 1.07 lakh while the professors would now draw a monthly salary of Rs 1.44 lakh with the revision, instead of current Rs 1.16 lakh. The Vice Chancellors of universities across the country will now get Rs 2,25,000.
"With this decision, the government has done justice to the lakhs of teachers". In total, now there are 106 central universities, 329 state universities&12912 government private aided colleges affiliated to State Public Universities.