8th Pay Commission: Salary will grow significantly...
8th Pay Commission: Salary will grow significantly...
The nation is presently operating under the 7th Pay Commission, and in 1.5 years the 8th Pay Commission will be put into effect. Every ten years, a new pay commission is implemented by the federal government. The recommendations of the Eighth Pay Commission can be put into effect in january 2026, as the Seventh Pay Commission was put into effect in january 2016. There is talk that the Modi administration at the Center will soon begin making plans for the next pay commission and that the upcoming budget will include a statement regarding it.
There would be benefits for over one crore workers and retirees.
A letter has been sent to the central government by Shiv Gopal Mishra, Secretary of the National Council of Joint Consultative Machinery for central government Employees. This is a demand for the establishment of the Eighth Pay Commission. Approximately 49 lakh government employees and 68 lakh pensioners, or more than 1 crore people, will be able to gain from the establishment of the 8th Pay Commission.
The 2024–25 budget is due on July 23.
On July 23, Finance minister Nirmala Sitharaman will deliver the General Budget 2024–25. The creation of the Eighth Pay Commission is something that the Union of central government Employees is requesting be included in the next budget. In addition, a plan for this has been developed by the workers and employees.
How much will employees' salaries rise?
It is anticipated that they will receive a pay raise under the 8th Pay Commission in addition to the fitment factor increase. The primary mechanism used in the 8th Pay Commission to determine employee salaries and pay matrices is the fitment factor.
To what extent does the 8th Pay Commission's fitment factor apply?
A recent Financial Express story states that the fitting factor can be set to 3.68 times. In the event that this occurs, the 8th Pay Commission's fitment factor will rise, increasing the base salary by Rs 8000. Following this, government employees' minimal base pay will rise from Rs. 18,000 to Rs. 26,000 each year. The overall income, which includes the dearness allowance and basic salary, has increased by 25 to 35 percent.
The nation is presently operating under the 7th Pay Commission, and in 1.5 years the 8th Pay Commission will be put into effect. Every ten years, a new pay commission is implemented by the federal government. The recommendations of the Eighth Pay Commission can be put into effect in january 2026, as the Seventh Pay Commission was put into effect in january 2016. There is talk that the Modi administration at the Center will soon begin making plans for the next pay commission and that the upcoming budget will include a statement regarding it.
There would be benefits for over one crore workers and retirees.
A letter has been sent to the central government by Shiv Gopal Mishra, Secretary of the National Council of Joint Consultative Machinery for central government Employees. This is a demand for the establishment of the Eighth Pay Commission. Approximately 49 lakh government employees and 68 lakh pensioners, or more than 1 crore people, will be able to gain from the establishment of the 8th Pay Commission.
The 2024–25 budget is due on July 23.
On July 23, Finance minister Nirmala Sitharaman will deliver the General Budget 2024–25. The creation of the Eighth Pay Commission is something that the Union of central government Employees is requesting be included in the next budget. In addition, a plan for this has been developed by the workers and employees.
How much will employees' salaries rise?
It is anticipated that they will receive a pay raise under the 8th Pay Commission in addition to the fitment factor increase. The primary mechanism used in the 8th Pay Commission to determine employee salaries and pay matrices is the fitment factor.
To what extent does the 8th Pay Commission's fitment factor apply?
A recent Financial Express story states that the fitting factor can be set to 3.68 times. In the event that this occurs, the 8th Pay Commission's fitment factor will rise, increasing the base salary by Rs 8000. Following this, government employees' minimal base pay will rise from Rs. 18,000 to Rs. 26,000 each year. The overall income, which includes the dearness allowance and basic salary, has increased by 25 to 35 percent.