8th Pay Commission News: Millions of central government employees across India are eagerly waiting for the 8th Pay Commission. Prime Minister Narendra Modi approved its formation earlier this year, but the committee’s chairman and members are yet to be appointed. Usually, the committee is set up within one to two months, but this time there’s been a delay.
In the meantime, some good news has emerged for these employees. According to a recent report by brokerage firm Ambit Capital, published in The Economic Times, salaries could increase by 30 to 34 percent under the 8th Pay Commission. If the government approves such a hike, it will directly benefit around 1.1 crore employees and pensioners.
The government forms a new pay commission every 10 years to review the salaries, allowances, and benefits of central government employees. This is done to ensure that their pay keeps up with inflation and matches private sector standards.
Currently, the 7th Pay Commission is in place, which saw a 14 percent salary increase for employees. That was the lowest hike since 1970, and now employees have high hopes from the 8th Pay Commission.
The 8th Pay Commission was announced by PM Modi in January this year, but the chairman and members are still pending appointment. Once the commission prepares its recommendations and submits them to the government, they will be implemented after approval. Ambit Capital’s report suggests that the 8th Pay Commission will benefit 44 lakh central government employees and 68 lakh pensioners.
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