8th Pay Commission: The 8th Pay Commission is currently being hotly debated among employees and pensioners. Both groups are hoping for significant increases. Central government employees want the advance limit for house construction to be increased under the 8th Pay Commission.
Add informalnewz.com as a Preferred Source
8th Pay Commission: The 8th Pay Commission is currently a hot topic of discussion among employees and pensioners. Both groups are hoping for significant increases. Central government employees want the advance limit for home construction to be increased under the 8th Pay Commission. They argue that property prices have increased across all sectors, making the current limit inadequate.
Employee organizations are demanding that the maximum building advance limit be increased to ₹7.5 million, and the interest rate be 5 percent. This demand has been made by the National Postal Organization.
What is the current limit?
The 7th Pay Commission set the house building advance limit at ₹25 lakh or a 34-month basic salary. Currently, employees pay 7.5 percent interest on the basic advance. Employees say the current limit is significantly lower than urban expenses. Property prices in Delhi, Mumbai, Bengaluru, and Hyderabad have seen sharp increases.
The 8th Pay Commission has received these two additional suggestions.
The proposal submitted by the organizations states that the limit for house building advances should be increased to 60 months’ salary of employees. Furthermore, the service limit should be reduced from 5 years to 2 years. It should be noted that house building advances are a type of loan provided by the government to employees for the purchase or construction of a home.
The 8th Pay Commission has begun its work. It is estimated that it will take 18 months to prepare and submit its report. The 8th Pay Commission has been a long-standing demand from employees.
