8th Pay Commission : It is the sweet sound of similar trigger bells celebrating the establishment of the 8th pay commission into the complex fabric of the 7th Pay Commission, which came into place in the year 2016. This commission is making itself felt in a big way, more so during salary revisions for employees and even bigger for pensioners. As has been accompanied by anticipation and fresh news being flooded in recently, the announcement regarding the 8th Finance Commission won’t be far off.
When Can We Expect The 8th Pay Commission To Start
But currently, there is no announcement from the central government, as all debut commissions are rumored to be set up in the last year of the decade after an average decadal gap; hence, the 8th Pay Commission most probably comes into being by 2026. The Demand intensifying from various employee unions and pensioner associations requested the government to announce it sooner, possibly by 2024 or 2025, so salary revisions may happen before the next general elections.
What Would Be The Expected Salary Hike?
If there is a green signal for establishing the eighth Pay Commission, it shall most probably offer an increase of 30-35 percent on the basic salary of employees under the Centre. The fitment factor presently applicable under the 7th Pay Commission stands at 2.57 but is expected to be raised beyond 3.68 in the 8th Pay Commission. Thus, if my basic pay is ₹20,000, it may go to around ₹27,360 in the new structure.
Housing Rent Allowance, Travel Allowance, and other medical benefits will also figure in the list. And add to this that lakhs of government employees across India are going to have their economic conditions greatly changed.
Scenario Of Positive Impact On Pensioners
The pensioners will also make significant gains out of this raise. This is because any increase in the basic pay immediately leads to a corresponding increase in pension benefits since all pensions are definitely based upon the last drawn salary and pay matrix. Under revision, therefore, it means well to all retired employees-most particularly those who suffer high costs of living due to inflation. Subsequent updating will also proportionally increase even Family Pension, which, in turn, would benefit all dependents of the retired government employees.
Can DA Further Increase?
DA is the other critical element to be revised upwards along with the increment. At present, the variation in DA happens once every year based on inflation reports. From the latest pattern, DA is pegged at a high 50% of the basic pay and together with the next pay commission, everything may be totally refixed and recalibrated according to the new pay structure. This gives some additional latitude for employees to cope with rising costs of living.
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