As the 8th Pay Commission is expected to be set up soon, employee unions are likely to concentrate on the fitment factor and related details for salary and pension adjustments. The 8th Pay Commission could be expected to take effect by January 1, 2026, according to reports. As per key stakeholders, the terms of reference…
The Cabinet has approved the constitution of the 8th Pay Commission to revise salaries of Central government employees, Union Minister Ashwini Vaishnaw announced on Thursday. The announcement comes days ahead of Budget 2025. What is 8th Pay Commission? The 8th Pay Commission will revise the pensions, allowances, and salaries of central government retirees and employees….
Over 2.3 million central government employees are expected to be delighted by the recently announced Unified Pension Scheme (UPS), which, for 25 years of service or more, offers an assured pension of half an employee’s average basic pay over the last 12 months before retirement. “The UPS is an attempt to improve the existing National…
There are five major components of the UPS benefits, starting with the assurance that government employees will receive half of their average basic pay drawn over their final 12 months in service prior to retirement, as a monthly pension for life. | Photo Credit: Getty Images/iStockphoto The story so far: Last weekend, the Union Cabinet…
New Delhi: There will be no rollback of the new Unified Pension Scheme (UPS) for central government employees, a senior government official said on Tuesday. Trade unions have been demanding the rollback of employee contributions to the UPS, which combines benefits of the Old Pension Scheme (OPS) and National Pension Scheme (NPS), providing assured pensions…
