A new pay commission is constituted by the central government after almost every 10 years and recently, i.e. at present, the Seventh Pay Commission is applicable and this Seventh Pay Commission is effective from January 2016.
A lot of time has passed since the implementation of the Seventh Pay Commission, so now the discussion of the Eighth Pay Commission has started and possibly the Eighth Pay Commission can be implemented from January 2026. All the central employees and pensioners hope that this new pay commission will prove beneficial for them.
In this article, we will know about the information related to the 8th Pay Commission, in which we will know what is this Eighth Pay Commission, what is the fitment factor, what will be the benefits of this new pay commission, along with what is its need and what changes will come with its implementation, all the information is going to be told in the article.
8th Pay Commission
Whenever the Eighth Pay Commission is implemented, more than one crore people will get its benefit from the implementation of the 8th Pay Commission, which includes 49 lakh central employees and 68 lakh pensioners and all of them are sure to get financial benefits with the arrival of the new pay commission.
Let us tell you all that this new pay commission will not only increase the basic salary of the employees but will also increase their allowances and pension of pensioners and all the employees and pensioners are eagerly waiting for the new pay commission and they hope that the government will constitute the Eighth Pay Commission as soon as possible.
Possible benefits of 8th Pay Commission
- The minimum salary of employees can be increased from 18000 to 34560.
- The minimum pension of pensioners can be increased from 9000 rupees to 17280 rupees.
- There will be an increase in dearness allowance, house rent allowance etc.
- The salary can increase from 2.5 lakh to 4.8 lakh.
- The fitment factor can also increase from 2.57 to 3.68.
- What is the fitment factor
Fitment factor is the multiplier, with its use, the salary of employees and pension of pensioners can be calculated easily. In the 7th Pay Commission, the fitment factor was 2.57, whereas in the 8th Pay Commission it can increase to 3.68 and this directly means that in the coming time, an increase in the basic salary of the employees can be seen.
Need for 8th Pay Commission
- It is needed to maintain the purchasing power of the employees due to increasing inflation.
- Also, a new pay commission is needed to provide financial security to employees and pensioners.
- To encourage better performance of all employees.
- Pay Commission is needed to contribute to the overall economic development of the country.
Information about 8th Pay Commission
If we talk about the 8th Pay Commission, then the 8th Pay Commission will be such a commission which is to be constituted by the Central Government and the purpose of forming it is to review the salary, allowances and pension of central employees and pensioners.
This 8th Pay Commission will recommend necessary changes in the pay structure keeping in mind inflation and other economic factors.
Changes to be made by 8th Pay Commission
When the Eighth Pay Commission is implemented, the important points about the changes that will happen are:-
- Changes in pay structure: New pay matrix will be launched.
- Revisions in allowances: The rates of allowances will change.
- Changes in pension formula: There will be a change in the way pension amount is calculated.
- Changes in grade pay system: New grade pay will be launched.
- Revisions in promotion policy: There will be changes in the rules of promotion.
