8th Pay Commission update: There is a great news for the employees. The most important part of an employee’s life is his salary, which runs his household. Data of a bumper increase in the basic salary of central employees is coming out. The basic salary of employees will increase from Rs 18,000 to Rs 51,480 under the 8th Pay Commission (8th Pay Commission salary hike). This will be a great news for central employees.
8th Pay Commission salary update: The Modi government is going to present the first full budget of its third term on February 1, 2025. This budget can prove to be very beneficial for the employees. Employees are keeping an eye on the budget regarding the 8th Pay Commission. Before the presentation of the budget, a big update is coming regarding the increase in the salary of the employees.
Government employees’ eyes are fixed on the government’s decision
All employees’ eyes are fixed on the Narendra Modi government regarding the 8th Pay Commission. Employees hope that the Modi government will announce the formation of the 8th Pay Commission in this full budget. Employees and pensioner retired employees have high expectations from this.
There will be a bumper increase in salary
Figures of bumper salary increase are coming out in the 8th Pay Commission for central employees. As per the suggestion of the National Council of Joint Consultative Machinery, it can be increased by 2.86 times. In the salary of central employees, a fitment factor of 2.86 can be applied on the basic salary. This will bring joy to employees and pensioners.
What is the fitment factor
The salary of employees is increased from time to time by the central government. The fitment factor is a criterion for recalculation of pension and salary. According to this, the salary and allowances get a hike. Employees get the fitment factor multiplied on the minimum salary.
How much will the salary be
In the 7th Pay Commission (8th Pay Commission basic salary), the minimum basic salary was increased from Rs 7000 to Rs 18000. The fitment factor in this was 2.57. Now, it is estimated that 2.86 fitment factor will be applied on the basic salary. If this happens, then the minimum basic salary of central employees will increase from Rs 18 thousand to Rs 51 thousand 480.
There will be a bumper increase in the pension of employees as well
The estimated figures of the 8th Pay Commission (8th Pay Commission pension hike) will also lead to a bumper increase in the pension. At present, the minimum basic pension is Rs 9 thousand. It was increased by 2.57 fitment factor of 7th Pay Commission. Now with 2.86 fitment factor, minimum basic pension will be Rs. 25,740. This will make retired employees happy in their old age.
Dearness allowance will also be beneficial
At present, employees are getting dearness allowance (DA) under 7th Pay Commission. It is 53% of the basic salary. If new dearness allowance is given on the basic salary of 8th Pay Commission, then there will be a bumper increase in salary every year. If dearness allowance is revised twice a year, then salary increase will be expected twice.
Unified pension scheme will be implemented in April
Amidst the demand of central employees for OPS (old pension scheme), the government implemented Unified Pension Scheme (UPS). It can be implemented in April this year. Under this scheme, the average salary of 12 months before retirement of the employee will be given as pension. It is said to be much more beneficial than NPS.
When will the 8th Pay Commission be announced?
Employees and pensioners are eagerly waiting for the 8th Pay Commission. In this budget, employees are expecting the announcement of the formation of the new pay commission. The formation of the 8th Pay Commission will provide great relief to the employees. However, its announcement is still awaited.
