8th Pay Commission : All government employees from across India must now be smiling at the bells ringing regarding the birth of the 8th pay Commission into the already twisted times of the 7th Pay Commission which came into effect in the year 2016, looming bigger and brighter in every salary revision for both employees and pensioners. With regard to expectations and fresh reports that have been flooding the headlines lately, it seems that the announcement of the 8th Finance Commission won’t be long now.
When Is The 8 Paying Commission Scheduled To Begin?
However, now with no official news on the same from the central government, the commissions are believed to be established at the end of the decade following an average 10-year cycle; hence the 8th Pay Commission will most probably come into existence 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 Salary Hike Will Be Expected?
If sanctioned, the 8th Pay Commission was projected to provide a salary hike of between thirty and thirty-five percent for basic salaries of central government employees. The currently applicable fitment factor based on the 7th Pay Commission is 2.57, which is likely to be bumped up to 3.68 or above in the 8th Pay Commission. It means that if my basic pay is ₹20,000, it may go to around ₹27,360 in the new structure.
House 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 condition greatly changed.
Positive Impact On Pensioners
The pensioners will equally make significant gains with this increase. Since pensions are definitely determined based on the last drawn salary and pay matrix, increase in basic pay immediately results in increased pension benefits. The revision thus would come as a great boon to all retired employees, especially those grappling with rising living expenditures due to inflation. Furthermore, even Family Pension would also proportionally increase, which, in turn, would benefit all dependents of the retired government employees.
DA May Increase Further
DA is the other critical element anticipated to be revised upward, besides the increment. As of now, the variation in DA is twice every year on the basis of inflation reports. From the latest trend, DA is already pegged at 50% of the basic pay, and in conjunction with the next pay commission, the whole thing may be refixed and recalibrated in accordance with the new pay structure. This gives employees some extra leverage to cope with the rising price of living costs.
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