Salary in 8th Pay Commission: To increase the salary and pension of employees, the Pay Commission constitutes a new Pay Commission every ten years. The Pay Commission increases the salary of employees on the basis of the fitment factor. While preparing the fitment factor, the commission keeps in mind inflation and the performance of the employees. Let us tell you how much the salary is going to increase.
The Central Government has approved the formation of the 8th Pay Commission. The recommendations of the new Pay Commission can be implemented from 1 January next year. The Pay Commission increases the salary and pension of employees on the basis of the Fitment Factor. According to experts, the Central Government can increase the Fitment Factor many times this time. The increase in the Fitment Factor can increase the salary of employees many times.
This is how the fitment factor is decided
The Pay Commission decides the salary of the employees on the basis of the Fitment Factor. The Fitment Factor is a coefficient. It is used to calculate the salary and pension of government employees. It is decided keeping in mind things like inflation, the needs of the employees and the financial capacity of the government.
Employees’ salary is decided by these things
State of the economy: The increase in the salary of the Pay Commission employees depends on the financial condition of the country. If the financial condition is good, there is a possibility of increase in the salary of the employees.
Inflation rate: Before deciding the increase in the salary of the employees, the Pay Commission tries to know how much the inflation rate of the country has increased recently and what effect it has on the lifestyle of the employees. Like how difficult it has become for them to buy a house and a car.
Performance of employees: Pay Commission also increases salary on the basis of their working style and development in the country. If the overall performance of the employees is better, then its effect is seen on the recommendations of the Pay Commission.
Eye on the market too: While recommending salary hike for central employees, Pay Commission also looks at how much hike private companies are giving to their employees. This makes it easier to fix a competitive salary for central employees.Will the minimum
salary increase by this much?
The fitment factor in the 8th pay commission can be between 2.6 to 2.85. According to this, the salary of central employees can increase by 25 to 30 percent. In such a situation, the minimum salary of employees can be more than Rs 40,000. This will also include allowances and performance pay.
