The 8th Pay Commission is something that central government employees and pensioners all over the country have been waiting to gaspingly see. It has sparked hopes for a big jump in salaries and pensions, which might alter the economic scenario for millions. Recently, an exciting update came from the government, which added fuel to the wait.
There is talk about a hefty salary hike, which may push the income shares of many employees beyond ₹1 lakh. Let us explore some details relevant to employees and pensioners.
What Is The Latest Update On The 8th Pay Commission?
While the government has strongly announced the formation of the 8th Pay Commission, an official confirmation is still awaited shortly. However, all are talking about the probable salary revisions. As per the existing 7th Pay Commission, the minimum salary of central government employees is ₹18,000 per month. It is, however, expected that the said amount shall go up to ₹51,480 per month, as per the suggestion of 2.56 fitment.
This change is not only for employees but also for pensioners. The minimum pension, which is currently ₹9,000, is likely to go up to ₹25,740 per month. This is primarily to provide some kind of respite and security to working and retired government officials.
Expected Salary Revisions
The pay increases anticipated from the 8th Pay Commission are expected to work magic for the employees. Here is a summary of what is to be expected by the employees:
Minimum Salary Increase
- Current Minimum Salary: ₹18,000
- Expected Minimum Salary: ₹51,480 (based on a 2.56 fitment factor)
Maximum Salary Increase
- Current Maximum Salary: ₹2.5 lakh
- Expected Maximum Salary: ₹6.42 lakh (based on the new fitment factors).
This unprecedented increase will tend to reduce the gap with ever-increasing cost-of-living requirements and enable a decent living for central government personnel.
Pension-Making a Huge Difference
Pensioners in line for an overhaul in their payments will also be in for an added treat. With the proposed 2.86 fitment factor, a possible increase from ₹9,000 to ₹25,740 per month in the minimum pension is in the offing. This increase will, however, ensure a sizable cushion for retired employees, assisting them to handle inflation and high expenses.
Focusing on Level-6 Employees
The salaried section employees, who include the Inspector, Sub-Inspector, and Junior Engineer (JE), will be getting massive hikes. Here are the numbers:
- Present Salary: ₹35,400/month
- Proposed Salary: ₹1,01,244/month (with a fitment factor of 2.86)
This means a whopping hike of ₹65,844 per month, increasing the total monthly earnings for Level-6 employees well beyond ₹1 lakh.