8th Pay Commission Calculation: Amidst all the speculations, the Union Cabinet cleared the way for the Eighth Pay Commission on January 16. Union Minister Ashwini Vaishnav announced this. The Seventh Pay Commission was implemented in the year 2016. The Pay Commission is constituted every 10 years. Accordingly, the new Pay Commission is expected to be implemented from January 1, 2026.
With the implementation of the new Pay Commission, there will be changes in the salary, allowances, pension and other benefits of government employees. About 50 lakh employees and 65 lakh pensioners will get the benefit of this. It is estimated that two lakh crore rupees will come into the economy through the new Pay Commission. Let us know what effect this decision of the government will have on the salary of the employees? Basic salary will increase to Rs 46000
The Seventh Pay Commission was constituted in the year 2014 and its recommendations were implemented in 2016. According to this, the minimum salary increased to Rs 18000 per month. Actually, under the Sixth Pay Commission, the minimum salary was Rs 7000, under the Seventh Pay Commission, the fitment factor 2.57 was implemented. After which the minimum salary increased to Rs 7000*2.57=18000. Under the Eighth Pay Commission, it is expected that the fitment factor 2.57 can be continued. If this happens, the minimum salary can increase to Rs 18000*2.57=46220 (about Rs 46000).
How much benefit will those with maximum salary get?
Under the Seventh Pay Commission, the basic salary of a higher grade secretary level officer is currently Rs 2.5 lakh. Dearness allowance is not added to their salary. In such a situation, if the fitment factor of 2.57 is implemented in the Eighth Pay Commission, then their salary will increase from 2.5 lakh to 6.4 lakh rupees (250000*2.57). Apart from this, if the maximum limit of gratuity fixed by the government is not increased from Rs 30 lakh, then there will be no change in it.
There will be benefit in pension as well
When the Seventh Pay Commission was implemented, the pension of central employees increased by about 23.66 percent. Earlier, under the Sixth Pay Commission, the pension was increased by 14 percent. Under this formula, pension is expected to increase by about 34 percent in the eighth pay commission. For example, if the basic pay of a retired officer is Rs 80000, then he gets a pension of Rs 4000. Now if there is an increase of 34 percent in this, then it will increase to (40000+27200) = Rs 67200.
How much will the gratuity increase?
When the salary of central employees increases, its effect is visible everywhere from gratuity to pension. Currently, an employee with a basic salary of Rs 18000 gets gratuity of about Rs 4.89 lakh during 30 years of service. But now if we calculate it according to the fitment factor 2.57, then it will become 4.89*2.57=12.56 lakh rupees. Actually, gratuity is calculated on the basis of your last month’s basic salary and dearness allowance.
What else will be the benefit?
As per the rules, central employees get home loan equal to 24 months’ basic salary at an interest rate of 8.5 percent. In the sixth pay commission, this limit was 7.5 lakh rupees. Which was increased by 3.2 to 25 lakh rupees under the seventh pay commission. Now if this is done again, then it is expected to be increased from 25 lakh to 80 lakh rupees.
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