8th Pay Commission: Every decade, the central government comes into the news with a newly instituted Pay Commission. Seven have been such in the past and as of now, the 7th Pay Commission is on. It became effective from January 2016. Initiations for the 8th Pay Commission have started and this is likely to come into effect by January 2026. The new Pay Commission is expected to throw open many more advantages for central employees as well as pensioners.
The 8th pay commission is likely benefit about 1 crore people comprising nearly 49 lakh central government employees and about 68 lakh pensioners. The new pay commission will definitely revise the salaries and allowances of the employees as well as pensioners. Now let’s read more about the 8th pay commission.
What Do You Mean By The 8th Pay Commission?
The 8th Pay Commission will be created by the Central Government. The main function of the commission will be to look into the pay, allowances and pension matters of all the central employees and the pensioners. This commission will recommend necessary changes to the pay and the bonus structure with a consideration of inflation and other economic parameters.
Benefits Of 8th Pay Commission
Salarians Raise Basics -Minimum Salary Raise between 18,000 to 36,000
Pension Increase – Minimum Pension Raise 9,000 to 17,280
Allowance Increase – Increasing Dearness Allowance, House Rent Allowance, etc.
Highest Salary Raise – May Increase from Rs 2.5 lakh to Rs 4.8 lakh
Fitment Factor Increase – May Increase from 2.57 to 3.68
Why Is 8th Pay Commission Required?
Tackling inflation – In addition to everything else, maintain the purchasing power of employees suffering from the increasing inflation levels.
Economic security – Offering more economic security to employees and pensioners.
Incentives – Better encouragement towards improved performance of employees.
Improvement in living standards – Improves living standards for employees.
Economic development – Over time helping the country grow economically.
8th Pay Commission Will Result In Changes.
Changes in pay structure – new pay matrix.
Revisions in allowances – changes in rates of various allowances.
Changes in the pension formula – amendments in the method of pension calculation.
Changes in Grade Pay System – introduction of New Grade Pay.
Revisions in Promotion Policy – changed rules of promotion.
Also Read: Maruti Brezza Car Launched With 25Kmpl Mileage, Know What Are Its Features