8th CPC Latest Update: Nine years have almost passed since the seventh pay commission came into being. The wisdom of the central government for setting a new pay commission every 10 years has now become due. The structuring and setting up of the 8th Pay Commission were still long overdue, and central government employees were fast losing patience. With this in mind, the government made the latest statement that it would be set up soon. The fitment factor of 2.86 this time will increase salaries perhaps even threefold for the benefit of employees.
One more good news before Holi is that the government is going for a huge salary revision under the eighth pay commission for central employees. The fitment factor of 2.86 is recommended for increasing salaries such that employee earnings would cope with inflation, and their economic status would be better than the previous levels. Besides, pensioners would also get upwards revision of their pension with the launching of the 8th Pay Commission, and let us have a detailed account of this news.
There Will Be A Bumper Increase In The Salary Of Employees
However, so far, the government has not set a date for initiating the pay commission the formation of the eighth pay commission. The discussions about the eighth pay commission have been inconceivable not by government employees since the approval of the new pay commission, since any salary increase for the government will kick off once the commission is formed and its recommendations are implemented.
Nonetheless, no remarks have been made by the government about it. Salary hikes for employees and pension increases for pensioners are linked with fitment factor increases. Hence, employees expect this 8th pay commission to announce a new fitment factor in the range of 2.28 to 2.86.
The Fitment Factor Plays A Part In Salary Fixation
The concept of fitment factor discusses the aspect which deals with employee salaries and pensions, and even with pensions. It is that it is a multiplier whereby the least basic salary or basic pay is calculated for central government employees and pensioners. Previously, during the time when the Sixth Pay Commission (6th CPC) was working, the fitment factor was 1.86. However, currently, it has risen to 2.57 with the present Seventh Pay Commission (7th CPC or Central Pay Commission). Now, they want to think about what the fitment factor would be, with the 8th Pay Commission, which is expected to lie 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 defined the fitment factor for employees as 2.86, this will increase many minimum basic salary or pension amounts for many employees accordingly. For example, this was the basic salary of an employee (base salary in 7th CPC), and it was Rs 18,000, and this gives 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).
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