It's the final version of how the Sixth Pay Commission recommendations are going to be applied to us. There was some tantalizing news some ten days ago that the Cabinet had given its approval to this document, but the document itself was never made public. Until today.
Yesterday, a purported "abstract" of it was circulating among the IIT faculty. It upset the faculty of IIT-M enough for their faculty association to put out this press release.
The Telegraph carried a story this morning; the Indian Express also carried a report, but I'm not able to locate it online.
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Update: Giridhar has a post on this.