8th Pay Commission: There is good news once again for the central employees. In the Lok Sabha, the Minister of State for Finance has given the latest update regarding the new pay commission and salary increase. Let’s know.
8th Pay Commission: Good news is continuously coming this month for the central employees. A new update has also come regarding the 8th Pay Commission. The Finance Ministry has made it clear that in the coming time, the salary of the employees will increase with the new formula. Actually, earlier in the year 2016, the recommendations of the 7th Pay Commission (7th Pay Commission) were implemented. Minister of State for Finance Pankaj Chaudhary has given new information in the Lok Sabha. Under this, now there is no idea to constitute the 8th Pay Commission (8th Pay Commission) to fix the salary of central employees. But, with the new formula, the salary of central employees will be fixed every year.
Minister of State for Finance said this
According to our partner website Zee Business, Pankaj Chaudhary said in response to a question that it is true that the government is doing something different from the 8th Pay Commission (8th Pay Commission) to revise the salary, allowances and pension of central government employees and pensioners. is thinking. But no consideration is being taken on the 8th Pay Commission yet. He said that there should not be a need for the formation of a Pay Commission to review the salaries, allowances and pensions of central employees and pensioners.
What is the new formula?
Now the salary of the employees will be decided by the Aykroyd formula. With this formula, the salary of the employees will be linked to inflation, cost of living and performance of the employee. That is, the promotion of employees will also be done accordingly. However, a Finance Ministry official says that the suggestion is good, but no such formula has been considered so far. On the other hand, there is no confirmation about when the 8th Pay Commission will also come.
Recommendation of 7th Pay Commission
It is worth mentioning that earlier in his recommendation of the 7th Pay Commission, Justice Mathur had said that we want to decide the pay structure according to the Aykroyd formula. Cost of living is also taken into account in this rule. This formula was given by Wallace Rudel Income Tax. Under the 7th Pay Commission, the central government had increased the minimum salary of employees from Rs 7,000 to Rs 18,000. Justice Mathur had said in the recommendation that the government should review the salaries of central employees every year according to the price index.
