8th Pay Commission Pension Hike: Central Government Pensioners to Benefit from Potential Minimum Pension Increase The 8th Pay Commission is expected to bring significant relief to central government pensioners, with reports indicating that the minimum pension could rise to approximately Rs 25,000 per month. This development has been welcomed by millions of pensioners who have been awaiting the implementation of the commission’s recommendations, which were approved by the central government under Prime Minister Narendra Modi. The proposed hike aims to address the financial challenges faced by retirees and improve their post-retirement security. The pension revision will depend heavily on the fitment factor, a key formula used to calculate salary and pension increases across different pay levels. The Modi government’s approval of the commission has raised hopes among over 1.2 crore employees and pensioners, as the new recommendations are anticipated to help them manage rising living costs. The fitment factor is expected to range between 2.5 and 2.86, with the higher end of this range potentially leading to a substantial increase in the minimum pension. If the factor of 2.86 is adopted, the minimum pension could jump from the current Rs 9,000 to around Rs 25,740 per month, according to a report by ABP News. In addition to the pension hike, the government is also considering a Unified Pension Scheme to simplify pension benefits. Under this proposed system, employees with at least 25 years of service may receive a pension equivalent to 50% of their average basic pay during the last 12 months before retirement. The scheme is also expected to guarantee a minimum pension of approximately Rs 10,000 for those with at least 10 years of service.#central_government #narendra_modi #8th_pay_commission #abp_news #unified_pension_scheme
