8th CPC Latest Update: More than 9 long years have passed since the implementation of the 7th Pay Commission. The central government has been due to implement a new pay commission every 10 years. That being said, the wait for the 8th Pay Commission was getting longer and longer, and central employees were increasingly impatient. On this note, the government made the latest remark, saying it would be set up shortly. This time around, the fitment factor of 2.86 would enable an increase in salary which may translate into a benefit for employees up to 2½ times.
And right before Holi, one more bit of good news has come for central employees- the government is going for a huge salary hike for employees regarding the eighth pay commission. The fitment factor of 2.86 would be implemented to increase salaries. This would allow employees to deal well with inflation, and their economic status would become better than before. And besides this, pensioners will also become entitled to an upward revision in pension (8th CPC Salary and Pension Calculation) on implementation of the 8th Pay Commission. Let us have a detailed account of this news.
There Will Be A Bumper Increase In The Salary Of Employees
Yet, the government had sanctioned the initiation of a new pay commission in January, but it has not yet made a provision for the formation of the eighth pay commission. It has been a continuous discussion regarding the eighth pay commission among government employees since the approval of the new pay commission, as the government salary hikes will shoot up once the commission is formed and its recommendations get implemented.
But still, silence persists from the government regarding this. Salary for the employees and pension for pensioners is decided based on the fitment factor hike. This is the reason; employees expect the fitment factor in the new pay commission (fitment factor in 8th pay commission) to range between 2.28 to 2.86.
The Fitment Factor Plays A Part In Salary Fixation
Employee salaries and pensions, as well as pensions, are determined using the fitment factor. The fitment factor is a multiplier that is utilized to determine the minimum basic salary or basic pay of the central government employees and pensioners. Earlier, when the Sixth Pay Commission (6th CPC) was in action, the fitment factor was 1.86. With the current Seventh Pay Commission (7th CPC or Central Pay Commission), it is now 2.57. Now, employees are speculating about the fitment factor in 8th Pay Commission, which is expected to vary between 2.28 and 2.86.
Salary Will Increase According To This
The Central Government has laid down a fitment factor of an employee under the 8th Pay Commission as 2.86 percent. Therefore, the basic salary of the employees can also witness an increment of as much as 40-50 percent. The same is beneficial to pensioners as well. For example, when the central government raises the current base salary (base salary in 8th CPC) of an employee to 20,000, the salary will become 57,200 (20,000 × 2.86 = Rs 57,200) due to it.
Basic Salary And Pension Will Increase This Much
If the central government defines the fitment factor for employees as 2.86, this raises the minimum basic salary or pension of many employees accordingly. Currently, if this was the basic salary of an employee (base salary in 7th CPC), which was Rs 18,000, then that makes the actual salary of such employees Rs 51,480 (18,000 × 2.86 = Rs 51,480). Also, the pension (increase in pension) will increase anywhere from Rs. 9,000 increased to Rs. 25,740 (9,000 × 2.86 = Rs. 25,740).
Also Read: Government Pension Plan: Receive ₹1,000 Every Month, Check Eligibility