8th Pay Commission Salary Hike: Whenever a new Pay Commission is appointed, the basic pay and allowances of employees at all levels are revised. A new Pay Commission is typically formed every 10 years. These revisions result in significant increases in salaries and pensions. The 6th Pay Commission increased basic pay by 1.92 times due to a fitment factor of 1.92, while the 7th Pay Commission increased it by 2.57 times.
How is the fitment factor determined?
The fitment factor is determined by the Pay Commission after assessing the economic and organizational conditions. It is determined by combining the existing basic pay and grade pay and assessing the level of salary increase required. It is also influenced by factors such as inflation, cost of living, retail inflation, retail inflation trends for industrial workers, the government’s fiscal capacity, and the scope of total salary expenditure.
What can be the fitment factor of 8th Pay Commission?
As per reports, national president of the All India NPS Employees Federation as saying that the fitment factor for the 8th Pay Commission could be around 2.13. This estimate takes into account the current 58% dearness allowance (DA), potential DA increases before implementation, annual salary increases, and family consumption standards based on 3.6 units.
What is the minimum basic salary in the 7th Pay Commission?
Under the Seventh Pay Commission, the minimum basic pay for Level 1 employees is Rs 18,000. The minimum basic pay for Level 2 employees is Rs 19,900. The minimum basic pay for Level 3 employees is Rs 21,700. The minimum basic pay for Level 4 employees is Rs 25,500. The minimum basic pay for Level 5 employees is Rs 29,200.
What will be the salary at a fitment factor of 1.92?
If the fitment factor in the 8th Pay Commission remains 1.92, then the estimated minimum basic pay of Level-1 employees will be Rs 34,560, Level-2 employees Rs 38,208, Level-3 employees Rs 41,664, Level-4 employees Rs 48,960 and Level-5 employees Rs 56,064.
What will be the salary on 2.15 fitment factor?
If the fitment factor in the 8th Pay Commission is 2.15, the estimated minimum basic pay of Level-1 employees will be Rs 38,700, Level-2 employees Rs 42,785, Level-3 employees Rs 46,655, Level-4 employees Rs 54,825 and Level-5 employees Rs 62,780.
What will be the salary at 2.57 fitment factor?
If the fitment factor remains 2.57, then the estimated minimum basic pay of Level-1 employees can be Rs 46,260, Level-2 employees Rs 51,143, Level-3 employees Rs 55,769, Level-4 employees Rs 65,535 and Level-5 employees Rs 75,044.
