8th Pay Commission: Will salary see a major hike and gratuity triple?
The government has approved the 8th Pay Commission, promising significant increases in minimum wage and pensions for government employees. Benefits extend beyond salary, with potential tripling of gratuity amounts and increases to DA, HRA, and TA.
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The central government has granted approval for the formation of the 8th Pay Commission.
As a result, the minimum wage and pension amounts for government employees will increase significantly. Not just salary increases, employees will also receive other benefits. For instance, the gratuity amount could nearly triple.
For example, if you have served for 30 years with a salary of Rs 18,000, the gratuity is Rs 4.89 lakhs. After the new pay commission, it could be Rs 12.56 lakhs.
Currently, the fitment factor is 2.57 as per the 7th Pay Commission, increasing the minimum basic salary from Rs 18,000 to Rs 46,620.
However, the fitment factor is expected to increase with the 8th Pay Commission, potentially raising the new minimum basic salary to Rs 51,000.