The 8th pay commission has an air of expectation hovering about it, primarily because of the desire of central government employees in India for its formation. The employees are impatiently awaiting announcements regarding salary increases, dearness allowance (DA) increases, and pension benefit revisions. There has not been a single formal announcement from the government regarding the formation of the eighth pay commission yet. Still, many discussions and circulation’s are revolving around it.
The Expected Salary Hike Under 8th Pay Commission
It is theorized that with the 8th Pay Commission, central government employees can expect to see dramatic upward revisions of their minimum salary. Experts believe the commission’s fitment factor, which in the previous 7th Pay Commission was at 2.57x, may increase to a whopping 3.68x, which would translate into staggering salary raises with the minimum basic salary on board for possibly an upward adjustment from ₹18,000 to ₹26,000!
On the contrary, higher-level officers are expected to realize increase percentages in the range of 25-30 percent. The final increase percentage would, in the future, be changed by inflation, economic growth rates, and the recommendations put forward by the commission.
Increase In Dearness Allowance
DA is yet another very important factor for central employees. The DA is revised biannually with inflation in view. The 8th Pay Commission is likely to take a major enhancement in DA rates for the employees, leading to an increase in their take-home salaries. Current estimates indicate that DA may go up by some 55 percent depending on inflation rate.
Apart from this, the dearness relief (DR) will also go up alongside the DA increase, ensuring the welfare of retired personnel.
Pension Benefits Under 8th Pay Commission
Pensioners are expected to benefit from the 8th pay commission. One of the major things being eyed will be the enhancement of the minimum pension. The current minimum pension stands at ₹9,000 per month; it may very well be revised to ₹12,000 or thereabout. Other perks that are likely to be prioritized for enhancement are commutation value for pensioners and family pensional benefits.
Government consideration for a transparent mechanism that provides monthly updates is mainly directed toward the pensioners and grievance redressal services.
Conclusion
Though there is no formal announcement regarding the setting up of the 8th Pay Commission, hope still seems alive amongst the central employees and pensioners of the favorable announcement. If commissioned, it would mean a huge relief for millions of government With employees and pensioners that would make their living standard better.
They are accordingly advised to be keeping an eye to get further updates from the government with regard to the final decision concerning the impending salary hike, DA increase, and revised pension benefits.
Also Read: 3% DA Hike Announced: Central Govt Employees To Get Rs 2187 More In Salary