Monday, October 3, 2022

8th Pay Commission: Salary of central employees will increase with the new formula! Finance Minister gave big information in Lok Sabha

8th Pay Commission: Good news is coming continuously for the central employees this month. There has also been a fresh update on the 8th Pay Commission. The Finance Ministry has made it clear that the new formula would result in an increase in employee pay in the near future. In fact, earlier in the year 2016, the recommendations of the 7th Pay Commission (7th Pay Commission) were implemented. Pankaj Chaudhary, a minister of state for finance, provided fresh information in the Lok Sabha. Under this, now there is no idea to constitute the 8th Pay Commission (8th Pay Commission) to fix the salary of central employees. The remuneration of central staff will, however, be fixed annually under the new formula.

Minister of State for Finance said this

According to our affiliate website Zee Business, Pankaj Chaudhary said in response to a question that it is true that the government is doing something different from the 8th Pay Commission (8th Pay Commission) to revise the salary, allowances, and pension of the central government employees. And the pensioner is thinking. But till now no consideration is being given to the 8th Pay Commission. He said that there should not be a need to constitute a Pay Commission to review the salary, allowances, and pension of central employees and pensioners.

What is the new formula?

Now the salary of the employees will be decided by the acroyd formula. With this formula, the salary of the employees will be based on their performance, cost of living changes, and inflation. In other words, employee promotions will also be made in accordance with this. Although a Finance Ministry official says that the suggestion is good, no such formula has been considered so far. At the same time, there is no confirmation about when the 8th Pay Commission will also come.

Read More: Government Decision: 8th Pay Commission will come or not? Modi’s government made it clear.

7th pay commission recommendation

It is worth noting that earlier in his recommendation of the 7th Pay Commission, Justice Mathur had said that we want to fix the pay structure according to the Aykroyd formula. The cost of living has also been taken into account in this rule. This formula was given by Wallace Rudell Income Tax. Under the 7th Pay Commission, the central government increased the minimum wage of employees from Rs 7,000 to Rs 18,000. According to Justice Mathur’s recommendation, the government should annually assess the remuneration of central employees in light of the price index.

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