Big update on 8th Pay Commission: 40% salary jump on the cards?
The 8th Pay Commission was announced in January. Recommendations for salary and pension revisions are expected next year. Now, a significant update has surfaced. Will the salaries of these employees increase by 40% under the 8th Pay Commission?
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8th Pay Commission
Discussions about the 8th Pay Commission are endless. Currently, over 10 million central government employees and pensioners are keeping an eye on the news regarding the new pay commission, i.e., the 8th Pay Commission.
Government has not yet appointed the panel members
Let us inform you that the formation of the 8th Pay Commission was announced in January of this year, but the government has not yet appointed the panel members. Recommendations for salary and pension revisions are expected to be submitted by next year. However, another topic is now being widely discussed, and that is how much everyone's salary will be when the 8th Pay Commission is implemented.
Fitment factor
A new 'fitment factor' is being discussed at the government level, which is likely to increase the salaries of entry-level employees by about 40%. According to experts, a fitment factor of 1.92 has been proposed under the 8th Pay Commission.
Salary increase
This factor is essentially a multiplier, through which the current basic salary is increased manifold to determine the new basic salary. In other words, if the current basic salary of the employees is assumed to be X rupees, then applying the new fitment factor of 1.92, it will become Rs 1.92X.
Financial security
Level 1, i.e., lower-level employees, will especially benefit from this change. The financial security of those who have been working on minimum wage for a long time is now being given importance.
8th Pay Commission
The government has stated that the main objective of this commission is to improve the financial condition of the employees and create a salary structure in line with the current market rates.
New salary structure
If this new salary structure is implemented, not only the entry-level employees but also many government employees working in various departments will benefit. It is believed that this will boost the morale of the employees in the central administration.
Salary increase by 40%
The 8th Pay Commission, which is likely to be implemented soon, could bring smiles to the faces of central government employees. A new 'fitment factor' is being discussed at the government level, which is likely to increase the salaries of entry-level employees by about 40%.
