Employees will get another good news! There will be a bumper jump in salary, know update on salary increase
This will benefit 52 lakh employees in the basic salary ranging from 50000 to 96000. For example, if the basic salary of a central employee is Rs 18,000, then his salary excluding allowances will be 18,000 X 2.57 = Rs 46,260.
There is good news for central employees. After the increase in dearness allowance, bonus and salary hike, another big gift can be given. The fitment factor can be increased once again before the upcoming elections. At present, the fitment factor of the employees under the 7th Pay Commission is 2.57 times and the basic salary is 18000. In the same 8th Pay Commission, the minimum basic salary can be increased to Rs 26000 by reducing the fitment factor to 3.68 percent. With this increase in basic salary, the salary of the employees will increase by up to Rs 96000 annually. However, no official confirmation or statement has come out yet.
At present, the employees are getting a fitment factor of 2.57 and it is expected that it can be increased to 3.68 percent on the demand of the employees. This will increase the minimum basic salary by 8000 and the basic salary will increase from 18 thousand to 26000. This will benefit 52 lakh employees in the basic salary from 50000 to 96000. For example, if the basic salary of a central employee is Rs 18,000, then his salary excluding allowances will be Rs 18,000 X 2.57 = Rs 46,260. If 3.68 Salary will be Rs 95,680 (26000 X 3.68 = 95,680) i.e. Rs 49,420 benefit will be available in salary.
With the implementation of the 8th Pay Commission, the fitment factor will also increase. Chunki is considered an important role in fixing the basic salary of central employees. The pay matrix made in the 7th Pay Commission is based on the fitment factor, in such a situation, the fitment factor is considered to be an important role in the salary received by the employees. Due to this factor, the salary of central employees increases by more than two and a half times. Last time the entry level basic pay was increased from Rs 7000 to Rs 18000 per month in 2017.
Will 8th pay scale be applicable?
According to media reports, the Central Government is contemplating to bring the 8th Pay Commission by 2024. However, the previous Union Minister of State for Finance, Pankaj Chaudhary, while replying in writing to the question asked during the Question Hour in the House, said that There is no proposal in front of the government to constitute the 8th Pay Commission. At present, the Seventh Pay Commission will continue and under this only dearness allowance and other allowances will be given to the employees including salary, pension. Although he did not completely deny that the 8th Pay Commission would not come.
New formula may also be considered
The late former Finance Minister Arun Jaitley, in one of his speeches in Parliament in 2016, had indicated that the government should consider the salary of employees ahead of the Pay Commission, it is expected that the Modi government will now get a new salary. The commission can bring or it can also consider a new formula for the salary of employees. In return, the central government can increase the salary based on the performance of government employees under private companies. For this, a new plan can be brought by 2024, it can be named ‘Automatic Pay Revision’, which will automatically increase the salary on 50% DA, although no official confirmation has been made by the government yet. .