7th Pay Commission: Central government employees and pensioners have significant news ahead. This encompasses information regarding the salary commissions. There has been much discussion regarding the new pay commission and its alternative system over the last few weeks. Up until now, it has been standard practice to establish a new pay committee every decade.
Nonetheless, it is reported that this practice might soon transform. This has resulted in a perplexing scenario. Employees and pensioners of the central government are keenly anticipating the 8th Pay Commission. However, it has now come to light that rather than the new Pay Commission, alternative approaches will be used to raise employee salaries according to a different specific formula.
Salary hikes depend on the fitment factor
At present, the base salary is set, and salary hikes depend on the fitment factor. However, it appears that this is on the verge of changing. This updated formula will also result in a notable rise in salary. Let us learn about this new formula here. It has been nine years since the 7th Pay Commission was implemented. In this context, it is thought that there could be some assistance for the workers from the federal government.
It is thought that a new formula might be developed to raise employee salaries rather than introducing the new pay commission. It is currently thought that the government could introduce a new method for calculating the salaries of central staff. Going forward, the pay for central staff will be adjusted according to this new formula.
Aykryod Formula
The government might now think about adopting the Aykryod Formula. This new formula is anticipated to greatly benefit employees. Justice Mathur emphasized that it was necessary to modify the pay structure, suggesting that a new formula could replace the pay commission.