8th Pay Commission Salary Pay Matrix: Prior to the 2025 budget, Prime Minister Narendra Modi’s Union Government announced the establishment of the 8th Pay Commission. This action will update pension plans for retirees and adjust the pay of all central government employees, including those in the armed forces. On January 16, 2025, Union Minister Ashwini Vaishnaw affirmed the commission’s establishment and declared that its recommendations will become operative on January 1, 2026.
The recommendations of the 7th Pay Commission, which went into effect on January 1, 2016, are currently the basis for salaries and pensions. The Unified Pension Scheme (UPS) has become the focus of central government employees’ attention since the Center announced the 8th Pay Commission.
8th Pay Commission: Pension and Salary Adjustments Under the New Pay Panel
Pensions under the National Pension System (NPS) and the Unified Pension Scheme (UPS) are anticipated to undergo major modifications as a result of the 8th Pay Commission. With benefits like a family pension, a fixed pension amount, and a minimum pension for all central government employees, this program, which is scheduled to begin on April 1, 2025, combines elements of the Old Pension Scheme (OPS) with the New Pension Scheme (NPS).
Related Article – 8th Pay Commission Salary Hike
What Is Unified Pension Scheme (UPS) And It’s Implementation
The Unified Pension Scheme (UPS) is a retirement plan that offers government employees a complete and secure post-retirement pension by combining the best aspects of the Old Pension Scheme and the New Pension Scheme.
Related Article – Centre Approves 8th Pay Commission To Revise Salaries, Pension Allowances
It contains clauses like a minimum pension for all central government workers, a guaranteed pension amount, and a family pension. It is anticipated that the UPS will go into effect on April 1, 2025.
As long as the employee has worked for the company for at least ten years at the time of superannuation, the minimum pension under this plan will be Rs 10,000 per month. When a retiree passes away, their family will get 60% of the pension they were getting at the time of their passing.
Salary Matrix for Central Government Workers Under UPS, 8th Pay Commission
The minimum basic income for central government employees might grow significantly from Rs 18,000 to Rs 51,480 with the implementation of a fitment factor of 2.86.
Central Government Workers’ Minimum Pension Under UPS
According to the completed fitment factor, pensions are also anticipated to see a big increase, rising from the current Rs 9,000 to a range between Rs 17,280 and Rs 25,740.
Keep up with the most Latest news, follow all of the major headlines in India and across the world, and get real-time breaking news updates on Storify News.
