8th Pay Commission: A big good news has come out for the central government employees. After the implementation of the 8th Pay Commission, their monthly salary may increase from Rs 14,000 to Rs 19,000. This estimate has been made in a report by Goldman Sachs.
8th Pay Commission: A big good news has come out for the central government employees. After the implementation of the 8th Pay Commission, their monthly salary may increase from Rs 14,000 to Rs 19,000. This estimate has been made in a report by Goldman Sachs. According to the report, the 8th Pay Commission is likely to be constituted in April 2025, and its recommendations may be implemented in 2026 or 2027.
How much can the salary increase?
The average monthly salary of central government employees is Rs 1 lakh. If the recommendations of the 8th Pay Commission are implemented, this salary can increase by 14-19%.
Goldman Sachs told three possibilities
- If the government allocates Rs 1.75 lakh crore, then the monthly salary will increase by Rs 14,600.
- If the government spends Rs 2 lakh crore, then the monthly salary will increase by Rs 16,700.
- If the government keeps a budget of Rs 2.25 lakh crore, then the monthly salary will increase by Rs 18,800.
How many people will get the benefit?
- More than 50 lakh central government employees will get the benefit.
- More than 65 lakh pensioners will also get the benefit of pension increase.
- In the last 7th Pay Commission, Rs 1.02 lakh crore was spent, whereas this time the government can allocate more budget than this.
Important things related to the 8th Pay Commission
- On January 16, 2025, the Union Cabinet approved the 8th Pay Commission.
- The chairman, members and terms and conditions have not been decided yet.
- The final decision on the new salary structure will be taken only after the report of the commission comes.
What will be the fitment factor?
- The fitment factor is the multiple by which the minimum wage is increased.
- In the 7th Pay Commission, it was 2.57, due to which the minimum wage increased from Rs 7,000 to Rs 18,000.
- If the 2.57 fitment factor is implemented in the 8th Pay Commission as well, then the minimum wage will become Rs 46,260.
- The pension will also increase from Rs 9,000 to Rs 23,130.
- However, some experts believe that the fitment factor can also be 1.92, which will increase the minimum wage to Rs 34,560.
What are the experts saying?
The secretary of the National Council-Joint Consultative Machinery has said that the fitment factor should be 2.57 or more. According to former Finance Secretary Subhash Garg, the demand for a fitment factor of 2.86 is impractical and it can be around 1.92. After the implementation of the 8th Pay Commission, there may be a big increase in the salary of central government employees. This will directly benefit lakhs of employees and pensioners. However, the final decision regarding the salary of the government will depend on the budget and the recommendations of the commission.
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