8th Pay Commission Salary Hike: Ever since the announcement of the 8th Pay Commission, government employees are worried about how much their salary will increase after the implementation of the commission. But, now their wait seems to be over. Actually, Goldman Sachs has made an estimate regarding this, which shows how much the salary of government employees will increase after the implementation of the 8th Pay Commission.
What does Goldman Sachs report say
According to Goldman Sachs report, after the implementation of 8th Pay Commission, the salary of government employees can increase from 14,000 to 19,000. Along with this, Goldman Sachs has estimated that this increase can be implemented in 2026 or 2027.
Understand this in simple language
Currently, the average salary of central government employees is Rs 1 lakh per month (before tax). After the 8th Pay Commission, it may increase by 14 to 19 percent. इThree possible plans have been made for this. If the government keeps a budget of Rs 1.75 lakh crore (for 50 percent salary and 50 percent pension increase), then the average salary will increase by Rs 14,600 per month.
At the same time, if a budget of 2 lakh crores is kept, then the salary will increase by Rs 16,700 per month. Whereas, if 2.25 lakh crores are allocated, then the employees will get a salary increase of 18,800 per month.
50 lakh employees and 65 lakh pensioners will benefit
More than 50 lakh government employees and 65 lakh pensioners will get direct benefit from the 8th Pay Commission. Earlier, the government had spent Rs 1.02 lakh crore under the 7th Pay Commission.
When will the 8th Pay Commission be implemented?
On 16 January 2025, the Union Cabinet approved the 8th Pay Commission. However, the names of the chairman and members of the commission have not been decided yet. The report of the commission may be implemented in 2026 or 2027.
Huge jump in salary due to fitment factor
Under the Pay Commission, the fitment factor is decided, which increases the salary. In the 7th Pay Commission, it was 2.57 and now there is a demand to increase it further. If the fitment factor remains 2.57, then the minimum salary will increase from 18,000 to 46,260. Whereas, the minimum pension will increase from 9,000 to 23,130. If the fitment factor is fixed at 1.92, as estimated by former Finance Secretary Subhash Garg, then the minimum salary will be Rs 34,560. Although the employees had demanded a fitment factor of 2.86, it may be challenging for the government to implement it.