7th Pay Commission latest news: Instead of increasing the salary due to the fitment factor, now it can be considered to increase the basic salary with the new formula. Apart from this, there is a plan to increase the basic salary every year.
7th Pay Commission latest news: There is good news for central government employees. If sources are to be believed, the next pay commission (8th Pay Commission) may or may not come, but a new formula will be ready for the increase in salary. Instead of increasing the salary from the fitment factor, now it can be considered to increase the basic salary with the new formula. Apart from this, there is a plan to increase the basic salary every year. However, the new formula is likely to be implemented after 2024.
Basic salary will be fixed every year
The recommendations of the 7th Pay Commission (7th Pay Commission) were implemented in 2016. According to sources, the salary of central employees will be fixed every year by the new formula to decide the salary of central employees. However, no confirmation has been made by the government in this matter. Sources believe that now is the time to consider the formula for increasing the salary separately from the Pay Commission. Increasing the salary of employees every year can be a good option.
Which new formula is being discussed?
Aykroyd formula can be considered for increase in the salary of central employees. This new formula is being discussed for a long time. Actually, at present the minimum basic salary of government employees is decided on the basis of fitment factor. On this dearness allowance is revised every six months. But, there is no increase in the basic salary. According to experts, with the new formula, the salary of the employees will be linked to inflation rate, cost of living and performance of the employee. After the assessment of all these things, the salary will increase every year. This will happen exactly like it happens in private sector companies.
Why can a new formula be created?
The focus of the government is that all categories of employees get equal benefits. Right now there is a big difference in everyone’s salary according to the grade-pay. But, with the advent of new formulas, an attempt can be made to bridge this gap as well. There are currently 14 pay grades in government departments. Every pay-grade includes employees to officers. But, there is a big difference in their salary. An official of the Finance Ministry told Zee Business Digital that the government’s aim is to improve the living conditions of central employees. The suggestion of a new formula is good, but no such formula has been discussed so far. It is too early to say what will happen in the 8th Pay Commission.
New formula for pay structure
Justice Mathur had indicated at the time of the recommendations of the 7th Pay Commission itself that we want to move the pay structure to the new formula (Aykroyd Formula). In this, the salary is decided keeping in mind the cost of living. The need of the hour is that employees should be given salary as compared to inflation. Let us tell you, the Aykroyd formula was given by the author Wallace Ruddell Aykroyd. He believed that food and clothes are most important for the common man. With the increase in their price, the salary of the employees should increase.
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