New Delhi: Prime Minister Narendra Modi on Thursday gave the green signal to the 8th Pay Commission to revise salaries of over 1 crore central government employees and allowances of pensioners. The great news for the government employees was announced by Union Minister Ashwini Vaishnav. The minister said the commission is expected to be formed by 2026.
Vaishnav assured that chairman and two members of the Commission will be appointed soon. The 7th Pay Commission was set up in 2016, and its term will end in 2026. Fitment factor is a very important factor that decides how much salary and pension of employees should be increased after the implementation of the Pay Commission. The factor makes sure that the salary is increased equally in all pay grades.
8th Pay Commission: What is Fitment Factor
Fitment factor is an important aspect to ensure that the pay increase is applied equally across all pay grades. The pay commission ensures that the hike is systematically adjusted which helps in maintaining the spending power of central government employees. This helps the employees to cope up with the increasing expenses and enable them to maintain their standard of living.
Fitment Factor is one of the most crucial factors in finalising the salary hike of central employees. Their salary, apart from allowances, is decided on the basis of their basic salary and fitment factor. The central trade unions are demanding the fitment factor to be raised for the 8th Pay Commission.
The recommendations of the 7th Pay Commission were implemented from January 2016 which led to a huge increase in the salaries of government employees. A fitment factor of 2.57 was implemented under the 7th Pay Commission. This fitment factor is added to the basic pay of employees and pensioners, on the basis of which the salary increases.
Comments are closed.