8th pay commission: A great news can be revealed for crores of government employees and pensioners of the country. The central government may soon make a big announcement about the 8th Pay Commission, which will not only address the issues related to the salary, but is also going to bring some necessary changes in the pension system.
This time the biggest thing in the discussion is that the duration of commuted pension can be reduced from 15 years to 12 years, which will directly benefit those employees who have retired or are going to retire early.
What is a commuted pension and why is it so important?
When a government employee retires, he gets a monthly pension. But many employees prefer to take some part of their pension as a lump sum (lump sum) amount at the time of retirement. This lump sum amount is called “commuted pension”.
The government deducts a share from the pension received every month of the employee to make up for the amount given that lump sum. Currently, this deduction occurs for 15 years. That is, after retirement, the employee does not get full pension for 15 years. The same period in 8th Pay Commission is expected to be reduced from 15 years to 12 years.
Year -old demand of employee organizations
Government Employees Union and Pensioners Organizations have long been demanding that the 15 -year pension cut period is very long. He argues that in today’s time, interest rates have reduced, due to which the government is not getting the return as earlier, yet the deduction is being done for 15 years.
In such a situation, this period seems inappropriate and it will be more practical to reduce it to 12 years. There is also the idea behind this that many times the age of pensioners does not reach even 75 years, in such a situation, they do not get the benefit of full pension.
The role of the government and the role of 8th pay commission
Keeping in mind the demand of central employee organizations, the National Council (Staff Side) has submitted a proposal to the government. It has demanded the inclusion of this issue in the recommendations of 8th Pay Commission. In the letter written to the Cabinet Secretary, it has been clearly stated that if this rule is changed then millions of employees will benefit financially.
No final decision has been received from the government yet, but according to sources, this demand is being seriously considered and it can be included in the recommendations that come next year.
Will old pensioners also get benefit?
The most important question is whether this rule will be applicable only to new retired employees or people already taking pension will also benefit from it? Employees’ organizations want this change to be applicable from the previous date (in retrospective effect) so that old pensioners can also take advantage of it.
If this happens, millions of retired employees will immediately get full pension, which can improve their economic condition. This will be especially useful for the elderly who are entitled to their entire pension for medical, care and other needs.
8th pay commission for pensioners a new hope
8th Pay Commission Only salary hike will not be limited, but changes in the pension system associated with it are also expected. If the period of pension commutation is reduced from 15 years to 12 years, this decision can bring a positive change in the lives of millions of retired employees.
This will not only reduce their financial burden, but will also give them a chance to live life with more self -reliance and respect in the golden years of their life. Now everyone’s eyes are set to the government and it is expected that this decision will soon become a reality.
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