8th Pay Commission: Expected Impact On Salary And Latest Updates
The Indian government has announced the establishment of the 8th Pay Commission, which will impact over 1 crore central government employees and pensioners. This commission will determine salary and pension revisions, with key discussions centred around the fitment factor and minimum wages. The fitment factor is a crucial multiplier used to revise salaries. The 8th Pay Commission's decisions are eagerly awaited by millions of employees and pensioners, who hope for significant revisions reflecting current economic realities.
What is the fitment factor?
A multiplication unit is used to revise salaries. In the 7th Pay Commission, it was set at 2.57, increasing the minimum salary from Rs 7,000 to Rs 18,000.
To calculate a revised salary using a fitment factor, you multiply the current basic pay (which includes basic pay and grade pay) by the fitment factor.
Revised Basic Pay = (Current Basic Pay + Grade Pay) X Fitment Factor
Current Demand:
Employee unions are pushing for a fitment factor higher than 2.57, while experts predict it might be around 1.92 to 2.86.
Expected Outcome:
The commission's recommendations will affect not only salaries but also pensions and allowances for central government employees, defence personnel, and pensioners.
"We are waiting for the Terms of Reference for the 8th Pay Commission to be approved. Then we will move ahead with our demand for these (fitment factor and minimum wage)," a member of the National Council-Joint Consultative Machinery, or NC-JCM, told NDTV Profit on the condition of anonymity.
NC-JCM, notably, is an official body comprising bureaucrats and employee union leaders, and its purpose is to resolve all disputes between the government and staff through dialogue. Once the ToR is approved, the staff side's focus will shift towards their demands to be made before the 8th Pay Commission, and the foremost will be their ask related to the fitment factor and minimum wages, another NC-JCM member said.
Discussions are ongoing, and the government's approval of the Terms of Reference will pave the way for finalising the fitment factor and minimum wages. The commission's decisions are eagerly awaited by millions of employees and pensioners, who hope for significant revisions that reflect current economic realities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Wire
5 minutes ago
- The Wire
Priests Oppose UP Govt's Plan to Set up Trust For Management of Vrindavan's Banke Bihari Temple
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Government Priests Oppose UP Govt's Plan to Set up Trust For Management of Vrindavan's Banke Bihari Temple The Wire Staff 7 minutes ago Priests from the Goswami sect have been managing the temple since the last few hundred years. Banke Bihari Temple in Vrindavan, Uttar Pradesh. Photo: Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: The Uttar Pradesh government's decision to set up a trust for the management of Banke Bihari Mandir in Vrindavan has sparked opposition from priests in Mathura who has termed the move of the BJP government in the state as 'anti-Brahmin.' 'It was because of the penance of our ancestors that God had appeared here. The temple became revered under their supervision, but the government is now taking it over on the pretext of regulating its management,' said Tarachand Goswami, the former chairman of the temple on Wednesday (June 4) reported The Telegraph. Another priest, Vishnu Goswami accused the Chief Minister Yogi Adityanath-led government of deliberately trying to snatch the livelihood of Brahmins. Last week, the state government had cleared an ordinance that paved the way for setting up the Shri Banke Bihariji Mandir Nyas Trust. The trust is entrusted with the responsibility of overseeing the management of the shrine and its everyday rituals. Priests from the Goswami sect have been managing the temple since the last few hundred years. Some Goswami priests have said that if the government didn't review its decision to take over the temple's management, they will take away the idol, which they say was installed by their ancestors in 1864. A government that confiscates temples cannot be secular. The government is constantly trying to regulate religion with an ulterior motive. The government appears against the Goswami tradition and wants to have its official priests,' said Swami Avimukteshwaranand, the Shankaracharya of Jyotirmath in Uttarakhand who has been staying in Mathura since last few days. The government has said that the trust is essential for the construction of a Banke Bihari Corridor around the temple at a cost of Rs. 500 crore. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Make a contribution to Independent Journalism Related News Fifth Acting DGP in a Row: Why Uttar Pradesh Still Lacks a Permanent Police Chief Interview | 'National Leadership Will Decide on Alliance But UP Congress Is Focusing on All 403 Seats' Days After Cow Vigilante Rampage in Aligarh, Forensic Report Belies Beef Allegations 'They Would Have Abused Vyomika Singh Too if They Knew She was a Dalit': Senior SP Leader's Dig at BJP UP: Over Two Dozen People Arrested for 'Anti-National' and 'Misleading' Posts on Operation Sindoor Row Over Army Statement That India's Air Defence System Shielded Golden Temple From Pakistan's Strikes Karnataka Temple Trust Issues Apology to Muslims After BJP MLA's Inflammatory Speech Temple Politics and Attack on Migrants Are Escalating Tensions Between Bengal and Odisha Andhra: N. Chandrababu Naidu and His Ministers – Including 8 First-Time MLAs – Take Oath View in Desktop Mode About Us Contact Us Support Us © Copyright. All Rights Reserved.
Time of India
5 minutes ago
- Time of India
Make in India, circularity, and fitness fads – Decathlon wants a chunk of India's sports retail pie
French sporting goods retailer Decathlon foresees 80% of their sales in India coming via Make in India products in the next five years, up from the current 60%. This syncs up with the sports retailer's investment of 100 million euros in India last year as part of a strategic plan to boost local manufacturing and solidify their presence in the country. 'Such sales are just not restricted to textile items. For instance, in the case of bicycles that we sell here, 98% is made in India. 10 years before, this was a mere 2%. So, it has come a long way. Make in India is a big advantage in terms of hedging the risk amid the geopolitical scenario, import restrictions and many other uncertainties that may come up. At the same time, it also hedges risk linked to currency fluctuations. So, we believe that India production as well as manufacturing is a strength for the business model of Decathlon India,' Sankar Chatterjee , CEO, Decathlon India told ET Digital in an interaction. A global multi-specialist sports brand offering over 60 sports under one roof, Decathlon is a manufacturer of sporting goods. With 1,750 stores worldwide and 133 stores in India, it is now looking to further its sustainability operations in the India market. The brand announced the launch of its circular business model in the country on Wednesday, anchored around three core offerings – repair services available in over 95 stores, second life resale of refurbished products in more than 90 stores and buyback of used equipment in over 50 stores, which will be slowly scaled across the country and will later be made available online. Decathlon anticipates diverting over 3,00,000 sports products from landfills by 2027 through these efforts, creating a reduction in environmental impact. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Pelajari Undo Sankar Chatterjee, CEO, Decathlon India highlights that India comes among the top 10 sports markets in the world. As part of the launch, it unveiled its sustainability campaign, Second Life Bazaar , scheduled to begin on World Environment Day from June 5th to 15th, across 68 stores nationwide. The Bazaar is designed to encourage sustainable consumption by empowering customers with hands-on DIY maintenance workshops and practical ways to prolong the lifespan of their sports gear. Annie George , Leader Sustainable Development, Decathlon India, states that the focus is on creating real and scalable solutions as India moves towards a circular economy. 'Such solutions can range from designing for durability to enabling easy repairs and buybacks. It's not just about reducing environmental impact–it's about reshaping how people access sport in a more responsible way,' she says. Live Events The circular turnover for the brand is expected to scale to Rs 100 cr by 2027 versus Rs 35 cr in the current year. The India launch is a key part of Decathlon's global decarbonisation strategy, which includes achieving net-zero greenhouse gas emissions by 2050 and a 42% reduction in absolute CO2 emissions by 2030. This is being driven by a focused approach to eliminating single-use plastic, designing long-lasting, repairable products, scaling second-life solutions, and reducing site emissions. George highlights that the biggest contribution that comes into their footprint is the products. 'Manufacturing, transporting, using the products – that is where the entire emissions stem from. When one moves towards a circular way of doing business, instead of manufacturing a new product, it is reused and it can be used multiple times. In the future, there can be other ways of increasing the life of the product through repair. Right now, our focus is decarbonising the circular business and then eventually we will move into regenerative business,' she says. Decathlon first rolled out its circular business model nearly five years ago across markets such as France, Spain, Italy, Portugal, the UK and Poland, where it has seen strong consumer uptake and operational maturity in repair and DIY spares and accessories. With the India rollout, Decathlon looks to strengthen its position in low-impact, circular sports retail which blends in sustainability as part of its operations. Delving into the future plans for the sports brand in the country, Chatterjee states that they are also investing on the value chain in terms of logistics' automation to create 'very fast' deliveries. 'We are today working with ecommerce; we are also working to make our own DTC channel for faster delivery possibilities with the investment of last mile and fulfilment strategy,' he states. Bullish about the future of the sports market in India in the times ahead, the Decathlon India CEO highlights that India comes among the top 10 sports markets in the world. As per a joint report by Deloitte and Google last year, India's sports market is projected to grow to $130 billion by 2030 from a market size of $52 billion now, accelerating at a CAGR of 14%. 'The young generation is now spending more time on leading an active lifestyle and playing more sports. Besides, interest in different kinds of sporting activities is coming up and not just in cricket. An example of that is the Indian Super League on football, which was not present some years back. There is a lot of investment in sports like Kabbadi and Table Tennis as well. These are all part of competitive sports. But even in leisure sports, spending time on activities like fitness or technical sports is happening in a big way. So the market is continuously evolving and we are a part of that change,' he says.
Scroll.in
6 minutes ago
- Scroll.in
Maharashtra contractors warn of state-wide protest if Rs 80,000 crore dues not paid
An association of contractors working with Maharashtra government departments has warned of a state-wide protest if the authorities do not release dues of over Rs 80,000 crore by June 10, CNBC-TV18 reported on Thursday. The Maharashtra Contractors Association, which claims to represent about three lakh members in 35 districts of the state, plans to launch a mass awareness campaign and a large-scale protest if the government does not meet the deadline for payments. 'The government has chosen to remain silent, but we will not,' the association's president Milind Bhosale told CNBC-TV18. 'If needed, we will take this agitation to every corner of Maharashtra.' The association has claimed that payments to the tune of Rs 38,000 crore are pending from the state public works department, Rs 6,500 crore from the rural development department, Rs 12,000 crore from the water conservation and water resources department and Rs 4,217 crore from the urban development department. Bhosale said the association has filed a petition in the Bombay High Court against the rural development department, CNBC-TV18 reported. He added that if its demands are not met by June 10, it will file another petition against the public works department. 'We wrote to Chief Minister Devendra Fadnavis again a couple of days ago,' he told the channel. 'But still, there is no sign of us getting our money.' In February, the contractors had gone on strike for a week to protest the dues. They had alleged that the government had not paid them since July last year, although it was allocating money for initiatives like the Ladki Bahin Scheme for monthly payments to women, The Times of India reported. At the time, Maharashtra Public Works Department Minister Shivendraraje Bhosle said he had asked for Rs 10,000 crore to be released at the earliest for the contractors, according to The Indian Express. 'I have spoken to the chief minister and finance minister,' the minister had told the newspaper. 'Both are positive regarding the demands raised by contractors. The government is positive about our demand of Rs 10,000 crore to be released at the earliest.'
