In the coming days, we can expect to see a significant increase in the salaries of central government employees, thanks to the implementation of a new compensation formula.
Pankaj Chaudhary, the Minister of State for Finance, recently addressed the Rajya Sabha to provide insights into the status of the 8th Pay Commission.
The government is considering a move away from the traditional approach of convening the 8th Pay Commission to make adjustments to the salaries, allowances, and retirement benefits of central government employees and pensioners.
There has been a lot of buzz lately about a potential new method for determining salary increases for central government employees, known as the Aykroyd formula.
The Aykroyd formula is designed to ensure that salary adjustments are closely linked to factors such as inflation, the cost of living, and an employee’s performance.