For the crores of employees and pensioners of the country, there is good news. The latest update says that it would give approval for the establishment of the 8th Pay Commission in this budget. However, as had been conveyed by sources, the announcement in official terms is still awaiting.
Let us tell you that the implementation of the same is said to commence from February of 2025. After which the salary will be Rs 51400 for employees. Departmental sources even say that its complete outline has been prepared. The announcement is just a formality. But it would be too early to say anything until it is officially announced.
Agreement on increasing the fitment factor
According to reports available in the media, the National Council of the Joint Advisory Committee has also demanded the government to increase the fitment factor along with the 8th Pay Commission. As per the fifth Pay Commission, the rate of fitment factor is 2.57.
This time, increases are being demanded up to 2.86. The pay commission is implemented based on the fitment factor along with salary and pension increases. It is being reported that if the government agrees on 2.86, then the basic salary will be increased from 8 thousand to 51,480 rupees. This means that the salary may increase by about 3 times.
Benefit for Pensioners as Well
Not only the employees with the implementation of the 8th Pay Commission going to benefit those who take a pension after retirement are really going to get a bumper benefit currently the minimum pension is 9 thousand rupees which will now move to 25,740 rupees on the fitment factor of 2.86. But do keep in mind that this is the computation for establishing a basic minimum salary and pension. Most recently, the government had increased the dearness allowance by three percent.