8th Pay Commission: Minimum Salary Of Rs 46,000? How Wages May Rise In Pay Band 1 In Best Case Scenario

The anticipation grows for the formal setup of 8th Pay Commission, as it has been over five months since its formation received nod from the Union Cabinet. The focus of the key stakeholders, in the upcoming days, is expected to shift towards the fitment factor and other modalities for the revision of central government employees' salaries and retirees' pensions.

Notably, the setup of 8th Pay Commission is expected after the government approves the Terms of Reference for the panel. As per the precedent, the panel takes around 18 months to submit its report to the government, which is scrutinised for about another six months before being implemented.

The last pay panel, the 7th Pay Commission, was set up in 2014 and its report was implemented with effect from January 2016. The implementation had an estimated impact of Rs 1.02 lakh crore on the exchequer.