Salary increment for the employees is done on the base of fitment factor assessment. It is the completion of one decade that the 7th Pay Commission is about to cross. Many employees, after implementing fitment factor in the 7th Pay Commission, saw their basic salary directly jump from 7 thousand to 18 thousand.
So the government is speculated to implement the 2.86 fitment factor under the 8th Pay Commission. If such a thing happens, then the minimum basic salary rises from Rs 18000 to about Rs 51 thousand and on top of that, there will be a bumper increase in pension too. If the fitment factor 2.86 gets implemented under the 8th Pay Commission, then minimum:
8th pay commission 2025
Heard that there will be a direct life jump of Rs 9 thousand into Rs 25 thousand 740 after being considered for pension under this 8th pay commission. On the other hand, a slight change in the fitment factor affects both salary and pension. UPS will also increase the pension of employees regarding this. One side eagerly waits by all central government employees in concern for the 8th Pay Commission, and the other side, the government announces upcoming raise in pay of UPS. Now, there will be an enormous increase in the future pension of all employees into the UPS pension scheme.
They are waiting for the announcement of the 8th Pay Commission. Employees eagerly await the 8th Pay Commission (8th pay commission latest update). There is no official announcement on the same, but it is expected that the government will make a big announcement about the 8th Pay Commission during the budget on February 1, 2025. When will the 8th Pay Commission be implemented? The 7th Pay Commission was also announced in 2014 but implemented in 2016.
How will pension be available?
As per the UPS pension scheme, the employees would get pension equivalent to 50 percent of the basic salary (basic salary increases) of the last 12 months before retirement. Along with this, the forts have also been guaranteed a pension of Rs. 10,000 for at least ten years of service.
What is UPS?
UPS means Unified Pension Scheme. Under this entirely new scheme, government employees will now receive a pension. Under this arrangement, it has been stipulated that after spending at least 25 years in services, the average of the last 12 months of basic pay received will be calculated and at the point of retirement, that employee will get 50 percent of that average monthly pension salary.
The employee who has served less than ten years will not be able to access the UPS pension scheme. After ten years of service, one-thousand rupee pension is assured. Upon death of the employee, however, the family would inherit 60 percent of his post-retirement pension. Employees will also be granted a lump sum besides gratuity on retirement according to UPS rules.
Basic salary of this employee
The allowance received under pension will also keep increasing according to inflation. There will be no need for the government employee to pay money in this. In this retirement, the government will bear the costs of 18.5 percent of the basic salary of this employee in this pension fund for the government employee.
All these benefits will also be available in the Unified Pension Scheme. After retirement, one-tenth of the monthly pay will be accumulated each month, which will be collected at retirement. Furthermore, employees would be given two kinds of pension options, namely, NPS and UPS. Any employee can choose one out of these two.
