7th Pay Commission: If you are a Central Government employee yourself or your family, then this news is for you. According to media reports, this time 8th Pay Commission will not be implemented by the government. Rather, the salary is expected to increase with the new formula.
7th Pay Commission: There is great news for the central government employees. Now the salary will not increase according to the pay commission. A new formula will be prepared for increase in salary.
According to sources, there is little hope of the next pay commission (8th Pay Commission) coming for the central employees. Instead of increasing the salary through the fitment factor, it may be considered to increase the basic salary with the new formula.
There is no official information from the government
Under the new formula, the government plans to increase the basic salary every year. The new formula is expected to be implemented after 2024. Let us tell you that the recommendations of the 7th Pay Commission (7th Pay Commission) were implemented in the year 2016.
If sources are to be believed, every year the salary of central employees will be decided by a new formula. However, no official information has been given by the government regarding this formula. On this basis, increasing the annual salary can be a good option.
Which formula is discussed?
Now the government can consider the Aykroyd formula to increase the salary of the employees. The new formula has been in discussion for a long time. At present, the minimum basic salary of government employees is decided on the basis of fitment factor. On this dearness allowance is revised twice a year in January and July. But the basic salary remains the same as before.
If the new formula is implemented, then the salary will be linked to inflation rate, cost of living and performance of the employee. That is, like the private sector, the salary of government employees will also increase.
Why the need for a new formula?
The focus of the Center is that all categories of employees should get the same benefit. At present, there are different grade pay, according to which there is a big difference in the salary. This difference can be reduced with the new formula.
Talking to the partner website Zee Business Digital, an official of the Finance Ministry said that the government’s aim is to improve the living conditions of the employees. The new formula has not been discussed yet, but this suggestion is a good one.
New formula for pay structure
At the time of recommending the 7th Pay Commission, Justice Mathur had indicated that he wanted to move the pay structure towards the new formula (Aykroyd Formula). In this, the salary is fixed keeping in mind the expenses on the living expenses of the employee.
In the era of rising inflation, it is necessary to pay salaries to the employees accordingly. Let us tell you that the Aykroyd formula was given by the author Wallace Ruddell Aykroyd.
