8th Pay Commission: There is suspense among lakhs of government employees of the country regarding the 8th Pay Commission. These questions are constantly arising in their minds that, how much will their salary increase after the 8th Pay Commission is implemented, how much benefit will they get from it? Let us tell you that the increase in the salary of any employee will depend on the fitment factor. At present, there has been no formal announcement from the government regarding this.
However, many reports have pointed to a debate over the fitment factor, a major aspect of the Pay Commission. This is because the fitment factor is the main component of the formula that will help officials to work out the new salary structure for lakhs of government employees. With rising inflation, some argue that the Central Pay Commission (CPC) will also revise the fitment factor.
Let us tell you that whenever the new conditions are announced under the 8th Pay Commission, it will change the salary structure of more than 50 lakh employees and 65 lakh pensioners.
The fitment factor can be 2.86!
One of the most prominent discussions under the 8th Pay Commission is that the CPC may take a fitment factor of 2.86 this time. Although no official announcement has been made, experts argue that considering the current inflation and past trends, 2.86 seems to be the most suitable fitment factor in the 8th Pay Commission calculation formula.
How much will your salary increase?
If the CPC decides to take the fitment factor of 2.86, it will mean a huge hike in the salary. The formula to calculate the new hike based on the fitment factor is simple. The new hike is known by multiplying the basic salary of the government employee with the fitment factor.
Basic salary x fitment factor = new hike
So, if the basic salary is 10,000 and the CPC decides 2.86 as the fitment factor, the new hike will be: 2.86X10,000= 28,600
Let us tell you that, under the 7th Pay Commission ending in December this year, a fitment factor of 2.57 was fixed. This time if it becomes 2.86, it will directly increase the salary of the employees.
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