More than 50 lakh central government employees and around 65 lakh pensioners are eagerly waiting for the 8th Pay Commission to be implemented. The panel is expected to revise salaries and pensions, considering inflation and living costs, bringing significant changes for eligible employees.
Set up in January, the Commission is tasked with sharing its recommendations within 18 months. In the meantime, it is holding meetings with all the stakeholders to understand their concerns and proposals regarding the potential benefits in the 8th Pay Commission.
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One of the key proposals being discussed by the pensioner groups is the demand for age-based pension enhancement. Under this idea, pension benefits would increase for senior pensioners as they grow older. The proposal aims to provide additional financial support to elderly retirees facing higher medical and living expenses, LiveMint reported.
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At present, the 8th Pay Commission is in the consultation stage and its final recommendations may differ from current expectations.
If this proposal were to be implemented, age-wise benefit would look like this:
- 65 years - 70% of Last Pay Drawn
- 70 years - 75% of Last Pay Drawn
- 75 years - 80% of Last Pay Drawn
- 80 years - 85% of Last Pay Drawn
- 85 years - 90% of Last Pay Drawn
- 90 years and above - 100% of Last Pay Drawn
According to Upstox, the Staff Side of the National Council - Joint Consultative Machinery (NC-JCM) has argued that such a revision could provide a more decent and dignified post-retirement life for pensioners. NC-JCM is the apex negotiating body between the central government and its employees.
In their memorandum, they suggested that full pension should be revised to 67% of the Last Pay Drawn (LPD) or the average of the last 10 months' emoluments, whichever is more beneficial. This is higher than the existing 50% formula.
Among other key demands, the Staff Side has also suggested increasing the family pension to 50%, compared to the existing 30%. They also recommended extending the period of enhanced family pension up to the age of 70 years, aiming to provide better financial security to dependent family members of deceased employees.
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