The President, the Vice President and Governors will get a 300 per cent pay hike with government on Thursday clearing a proposal to enhance their emoluments.

The President's emoluments have been raised to Rs 1.50 lakh per month from Rs 50,000 at present.

Similarly, the Vice President will get Rs 1.25 lakh -- a more than three-time hike from the present salary of Rs 40,000.

The salary of governors will also go up from Rs 36,000 to Rs 1.10 lakh.

The new emoluments were approved at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Manmohan Singh.

Sources said the hike will be effective from January 2007.

The CCEA also rationalised post-retirement benefits to former Presidents, former Vice Presidents and their spouses, an official spokesperson said.

The hike comes close on the heels of government announcing a bonanza for its employees by implementing the recommendations of the 6th Pay Commission report under which a secretary at the Centre will draw Rs 80,000 a month.