On Thursday, Prime Minister Narendra Modi and his team in the Union Cabinet made an important decision. They approved the 8th Pay Commission to look at how much money central government employees earn. This decision comes just before the Union Budget, which will be announced on February 1.
Salary Increases
While the government hasn’t said exactly how much salaries will increase, experts think a key number called the “fitment factor” might go up from 2.57 to 2.86. If this happens, the starting salary for government employees could rise from ₹18,000 to ₹51,480 each month!
Know the Fitment Factor
The fitment factor is a special multiplier used to figure out pay and pensions for government workers. It takes into account how much things cost, what employees need, and how much money the government can afford.
What is a Pay Commission?
Every ten years, the government sets up a Pay Commission to review and suggest changes to salaries for government employees. This includes bonuses and other benefits as well. There have been seven Pay Commissions since 1946, and currently, the recommendations from the last one, which was created in 2014, are being followed.
Who Benefits from the 8th Pay Commission?
Around 50 lakh (5 million) employees, including those in the defense forces, are expected to benefit. Plus, about 65 lakh (6.5 million) pensioners will also likely see changes in their pensions.
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