8th Pay commission: Now you will get full pension in 12 years, big decision by government

8th Pay Commission- Big news for central government employees. The Modi government at the center can give a big relief to lakhs of government employees and pensioners in the 8th Pay Commission. The government can take a big decision regarding pension commutation. The employees union has been demanding for a long time to reduce the time for restoration of commuted pension from 15 years to 12 years.

The commission can also give its recommendations regarding this next year. The National Council, an organization representing central employees, has informed the central government about its demand. It is expected that pension commutation can also be given a place in the 8th Pay Commission. Lakhs of pensioners will directly benefit from this.

What is commuted pension?

Now a question arises here that what is commuted pension? If we understand it in simple language, then it is a lump sum amount which is a part of the pension of the employees. At the time of retirement, the employees get the option of taking a lump sum amount. This is called pension commutation. However, the government deducts some amount from the monthly pension so that the lump sum amount can be recovered.

If you take a lump sum amount under commuted pension, then the government deducts some amount from your pension for 15 years. After this, it gives you full pension. But now there is a demand to reduce this from 15 years to 12 years. If this gets a green signal in the 8th Pay Commission, then employees will start getting full pension within 12 years.

Employee unions and pensioners have said that 15 years is a very long period. It is unfair from the economic point of view. Because due to the reduction in interest rates, there is inequality in the calculation of government recovery, due to which lakhs of employees have to lose a large part of their pension. If it is made 12 years instead of 15 years, then retired employees will benefit and they can get the benefit of full pension as soon as possible.

The National Council and employee organizations have submitted a letter to the Cabinet Secretary regarding pension commutation. In this, a demand has been made to reduce its period from 15 years to 12 years. If the government reduces the period of pension commutation from 15 years to 12 years, then the retiring employees will get full pension in 12 years only. If this rule is implemented retrospectively, then the current and old pensioners can also get its benefit.