Pensioners’ lottery! Will the minimum pension cross ₹20,000 in the 8th Pay Commission? New formula revealed

Emphasis on providing more financial security to elderly pensioners

Central employees and pensioners have been eagerly waiting for the 8th Pay Commission for a long time. Although the government has not yet announced any official date for its implementation, in the meantime a news has come out which has raised the hopes of lakhs of pensioners of the country to the seventh sky. This time the discussion is not just about increasing the salary of the employees, but a great plan is being prepared to provide more financial security to the elderly pensioners in their old age.

It is believed that this time under the 8th Pay Commission, the National Council-Joint Consultative Machinery (NC-JCM) has suggested a very special age-based pension formula to the government. According to this new proposal, as the age of pensioners increases, their pension will also be increased in a phased manner. Under this scheme, the process of additional increase in pension will start as soon as the person completes the age of 65 years. After this, the pension amount will be increased every five years. When pensioners reach the age of 80, they will see a big increase in their pension. At the same time, a unique proposal has been made to give pension equal to their last salary i.e. full 100 percent to super senior citizens who have crossed the age of 90 years.

Why is this change of pension according to age considered necessary?

Economic experts believe that the health expenses of senior citizens increase rapidly with increasing age. The elderly have to spend a huge amount on their medicines, regular treatment and care. In such a situation, if this formula of increasing pension according to age is accepted, then it will provide huge financial relief to the senior citizens of the country and they will not have to lend a helping hand to anyone.

If we talk about the current system, at present the minimum pension under the 7th Pay Commission has been fixed at Rs 9,000 per month. But there is every possibility of a new fitment factor being implemented in the 8th Pay Commission. If the central government accepts the fitment factor of 2.28 for employees and pensioners, the current minimum pension may directly increase to around Rs 20,500. Additionally, if the government decides to keep the fitment factor even higher, the pension figures may see an even bigger increase.

Know when the much awaited 8th Pay Commission can be implemented

Generally it is seen that the Central Government implements a new pay commission in the country every 10 years. Earlier, the 7th Pay Commission was implemented in the year 2016. This is why central employees and pensioners have full hope that now the time to get the benefits of the 8th Pay Commission is very close. According to the discussions going on in the government corridors, there is every possibility that lakhs of employees and pensioners of the country will start getting direct benefits of revised salary and increased pension from next year.