HomeCURRENT AFFAIRSBUSINESS8th Pay Commission: What's the Government Planning? Check Latest Update Here

8th Pay Commission: What’s the Government Planning? Check Latest Update Here

The Finance Department has formally declared that there is presently no plan for the formation of the 8th Pay Commission, despite much conjecture and expectation around it in light of the 2024 Lok Sabha elections.

8th Pay Commission: For those working for the government and anticipating the 8th Pay Commission prior to the 2024 Lok Sabha elections, there is exciting news. The Finance Department has now made it evident that the administration has not yet created any such plan. There are rumours that the Finance Ministry is under growing political pressure to form and announce the 8th Pay Commission as the elections get near.

Finance Secretary’s Rejection

As of right now, the Finance Secretary has rejected the Eighth Pay Commission idea. Secretary TV Somanathan reportedly stated, “At this time, there is no plan regarding the formation of the Eighth Pay Commission.”

As of right now, the Finance Secretary has rejected the Eighth Pay Commission idea. Secretary TV Somanathan reportedly stated, “At this time, there is no plan regarding the formation of the Eighth Pay Commission,” as reported by NDTV. Regarding that, no decisions have been made yet. According to statistics, there are more than 50 lakh central employees and pensioners.

Historical Precedent

Actually governments have been courting central employees, the armed forces, and pensioners with the Pay Commission even prior to the elections. Shortly before the 2013 general elections, the United Progressive Alliance (UPA), led by Congress, had established the 7th Pay Commission.

BJP’s Unique Approach

The unique aspect is that the BJP hasn’t done anything along these lines as of yet. The BJP government is reportedly concentrating on examining the New Pension Scheme, or NPS. What makes it unique is that it surfaced as a significant issue in the just ended assembly elections in Himachal Pradesh and Karnataka. In addition, parties in the five states of Chhattisgarh, Rajasthan, Mizoram, Telangana, and Madhya Pradesh all emphasised the importance of the Old Pension Scheme (OPS) and NPS.

Consultations with Parties

The government has also formed a committee that will examine it. The committee is led by the finance secretary. He declared, “We have consulted with all parties involved and will soon file a report.” It’s possible that the government will alter this in order to guarantee that the worker receives at least 40 to 45 percent of their previous pay. On the other hand, no formal statement has been made about this.

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