Salary Hike: Giving relief from this rising inflation, the central government has announced the Eighth Pay Commission. This announcement has cleared the way for the formation of the Eighth Pay Commission (8th Pay Commission News Updates). This commission is expected to be formed by the year 2026. After the formation of this new commission, the salary of the employees and the pension of the pensioners will also increase. Along with the increase in salary and pension, employees will also get the benefit of performance pay and other facilities. There will also be a big change in the salary structure of the employees.
Salary under Fitment Factor-
The salary and pension of the employees are decided on the basis of fitment factor. Currently, the fitment factor for the employees under the 7th Pay Commission is 2.57 and the employees are hoping that the fitment factor for this new pay commission can be between 2.6 to 2.85 (Fitment Factor). If the fitment factor (8th Pay Commission) increases this much, then the salary of the employees (Salary hike update) can increase by 25-30 percent. Along with the salary, the pension will also increase by this ratio. However, let us tell you that these are only estimated figures and the final figures will be known only after the formation of the new commission.
7th Pay Commission had increased this much-
Currently, the minimum basic salary of Central Government Employees is Rs 18,000 per month and this amount is given to the employees on the basis of 2.57 fitment factor. However, this salary of the employees reaches 36,020 monthly including allowances and other facilities. After the implementation of the Seventh Pay Commission, there was an increase of 23.55 percent in the salary of the employees. Because of this, the employees are also hoping that under this new Pay Commission, the minimum basic salary of the employees can increase from Rs 18,000 to Rs 40,000.
Salary and pension structure-
Only an announcement has been made regarding the formation of the Eighth Pay Commission. There is no confirmation of how much salary and pension (Pension Hike Updates) will increase. According to the information, the recommendations of the 8th Pay Commission are likely to be implemented from 2026. Earlier, the fitment factor of 1.86 was implemented in the 6th Pay Commission and the recommendations of the 6th Pay Commission were implemented in January 2006. Along with this, during the implementation of the 7th Pay Commission, there was an increase of Rs 1 lakh crore in government expenditure in 2016-17.
8th Pay Commission may be implemented at this time-The government implements a new pay commission every ten years to increase the financial security of employees. Union Information and Broadcasting Minister Ashwini Vaishnaw says that this new pay commission is being formed ahead of time so that its recommendations can be implemented immediately after the end of the 7th Pay Commission.
Earlier when the 7th Pay Commission was formed, it was in 2014 and its recommendations were implemented from January 2016. The formation of the 8th Pay Commission will remove inflation and the difference between the public and private sectors. Along with this, after the formation of this new commission, it will help in improving the purchasing power and standard of living of the employees.
