There is often talk about anticipated changes in the way government workers are paid. After the introduction of the 8th Pay Commission, most people are paying particular attention to the fitment factor. This is also involved when you want to determine how much your salary will increase. The fitment factor was set to 2.57 by the 7th Pay Commission and now it is expected to rise to 2.86 with the 8th Pay Commission.
What Is The Fitment Factor And How Does It Work
Fitment factor is used to determine the multiplier that helps calculate the amount to be added to a person’s basic salary. If the 2.86 percentage from the 8th Pay Commission is fixed, government workers may notice a major improvement in their salary. If an employee is paid ₹20,000 as their basic salary, the new salary can be ₹57,200.
Is Such A Huge Increase Really Possible?
Despite 2.86 looking appealing as a fitment factor, experts think that the average salary raise could be less than that. Former Finance Secretary Subhash Garg points out that increasing the fitment factor to this level is impossible and it is likely to remain around 1.92.
Mathematics Of Inflation And Salary Increase
If you look at pay commissions past, the fitment factor in the 6th Pay Commission meant an increase in salary of 54%. Still, the 7th Pay Commission set the growth level at 2.57, but in reality, just 14.2% of the additional pay was added.
Possible Announcement Of 8th Pay Commission
The Modi government had announced that the 8th Pay Commission would be set up in January 2025. The government will soon issue the Terms of Reference (ToR) and once that happens, the chairman and other major members of the commission will be chosen.
Expectations Of Government Employees
Nearly 50 lakh workers employed by the central government and 65 lakh pensioners are looking forward to the conclusions of this commission. Together with the salary increase, allowances and the pension plan may also be revised in some cases.
Conclusion
Many people are talking about how the 8th Pay Commission raised the fitment factor. Having a fixed figure of 2.86 will allow government employees to enjoy a better salary increase. However, the overall change in prices will depend on inflation and different economic situations. Now everyone is eagerly awaiting the official statement from the government.
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