The central government has officially formed the 8th Pay Commission. This will have a direct impact on the financial situation of millions of families. Let's look at this update in detail.

The government has formed the 8th Pay Commission, a major update for millions of employees and pensioners. It will review salaries and benefits, submitting its report in 18 months.

The focus this time is on a performance-based salary plan. Pay may be adjusted based on performance, rewarding hardworking employees. The goal is to make government jobs more appealing.

Retired SC Justice Ranjana Prakash Desai heads the 3-member committee. Pulak Ghosh and Pankaj Jain are also members. The headquarters will be in Delhi, with options for external expert advice.

The Pay Commission's scope includes defense forces, All India Services, and UT staff, not just central employees. Bonus plans, allowances, and unnecessary benefits will be reviewed.

Pensions and gratuity are a key focus. Rules for NPS and the old pension scheme will be reviewed. Recommendations will consider the economy. Employees hope for a fitment factor hike.

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