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Salary Hike: Big news! Salary will increase from 46000 to 96000, know latest update

Salary Hike: Big news! Salary will increase from 46000 to 96000, know latest update

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The Pay matrix prepared in the 7th Pay Commission is based on the Fitment factor, therefore the Fitment factor is considered to play an important role in the salary received by the employees. Due to this factor, the salary of central employees increases by more than two and a half times.

Central Employee salary Hike 2023: 52 lakh central employees can get another big gift in 2023. After Holi, employees can get the gift of fitment factor. According to media reports, before the budget session, the Modi government may take a decision on increasing the basic salary of the employees, if the consent is made then the basic salary will increase from 18000 to 26000. There will be different increase in the salary of different level employees. As soon as the government implements this, there will be a massive jump in the salaries of central employees. However, official confirmation is yet to be made.

If media reports are to be believed, several rounds of meetings have been held regarding this and again in 2023 the Fitment Factor can be revised. In view of the 2024 elections, the Modi government may announce an increase in the fitment factor after the Union Budget. Under the 7th Pay Commission, it can be increased to 3.00 or 3.68 percent. After this the basic salary will increase from 18000 to 21000 or 26000. There is a possibility that the central government may take a decision on this after the budget to be presented on February 2023. Many big announcements can be made for the employees in the same budget, although no official statement or confirmation has been made in this regard so far. Has been done.

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Understand like this what is the fitment factor

The Pay matrix prepared in the 7th Pay Commission is based on the Fitment factor, therefore the Fitment factor is considered to play an important role in the salary received by the employees. Due to this factor, the salary of central employees increases by more than two and a half times. For a long time the employees of the center have been demanding to increase the fitment factor so that the basic salary can be increased. Earlier, the government had increased the fitment factor in 2016 and from the same year the 7th pay commission was also implemented, after which the basic salary of the employees increased from 6000 to 18,000

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How much salary will increase

At present, the fitment factor of the employees under the 7th Pay Commission is 2.57 times and the basic salary is 18000. For example, if the basic salary of a central employee is Rs 18,000, then his salary excluding allowances is 18,000 X 2.57= 46,260 would be a profit of Rs. At 3.68, the salary will be Rs 95,680 (26000 X 3.68 = 95,680) i.e. Rs 49,420 profit will be available in salary. With 3 times the fitment factor, the salary will be Rs 21000 X 3 = Rs 63,000.

8th Pay Commission?

  • Last year, during the Parliament session, the Central Government had made it clear that the 8th Pay Commission would not come, at present it is not under consideration. It is being claimed in many media reports that after the formation of the new government after the 2024 elections, a decision can be taken on the salary of the employees.
  • It is also expected that the Eighth Pay Commission will be constituted by the new government. There is also talk that the 8th Pay Commission may be constituted by the end of 2024. It can also be implemented in 2025 or 2026.
  • There may be some changes in the 8th Pay Commission as compared to the 7th Pay Commission. With this, the employees of the Sixth Pay Commission will get more benefits in salary.
  • After this the revision of salary of the employees can be on performance basis on annual basis. Apart from this, the revision of the maximum salary can be done at a difference of 3 years. However, no official confirmation has been made regarding this so far.
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