8th Pay Commission Pension Calculations: Is your pension Rs 17,650, Rs 20,800, Rs 31,100, or Rs 38,950? Know your estimated revised pension at 1.95, 2.25, and 2.45 fitment factors
8th Pay Commission Pension (8th CPC) Calculations: Central government pensioners have been eagerly waiting for the 8th Pay Commission to be implemented. It may boost their pension considerably. But how much may it be if the 8th CPC decides on 1.95, 2.25 and 2.45 fitment factors?
8th Pay Commission Pension Calculations, 8th CPC Pension Estimates: Not just central government employees but pensioners are also keen on the 8th Pay Commission (8th CPC) payout revision. Once the recommendations of the new pay commission are implemented, their pension may boost significantly. In the 7th Pay Commission, it jumped by 2.57 times after a 2.57 fitment factor was applied. A fitment factor in the same range can further increase their pension by quite a few notches. In this write-up, through projections, we will tell how much pension boost they may expect if the 8th Pay Commission decides on 1.95, 2.25, or 2.45 fitment factors.
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(Disclaimer: These are projections. Actual calculations may vary.)
How pensions were revised in 7th Pay Commission
In the 7th Pay Commission, a 2.57 fitment factor was implemented. After it, the pensions also rose by the same multiplication. The minimum pension rose to Rs 9,000, while the maximum soared to Rs 1,25,000.
Calculations for story
We will calculate the estimated revised pension for pensioners: (PB 1, GP 1900, Level 2, basic pension Rs 13,800), (PB 1, GP 2000, Level 3, basic pension Rs 15,550), (PB 1, GP 2400, Level 4, basic pension Rs 17,650), (PB 1, GP 2800, Level 5, basic pension Rs 20,800), (PB 2, GP 4200, Level 6, basic pension Rs 24,500), (PB 2, GP 4600, Level 7, basic pension Rs 31,100), (PB 2, GP 4800, Level 8, basic pension Rs 34,000), (PB 2, GP 5400, Level 9, basic pension Rs 38,950), (PB 3, GP 5400, Level 10, basic pension Rs 41,200), and (PB 3, GP 6600, Level 11, basic pension Rs 46,900). We will calculate them at fitment factors of 1.95, 2.25, and 2.45.
Estimated revised pension for employee (PB 1, GP 1900, Level 2, basic pension Rs 13,800)
At 1.95 fitment factor- Rs 26,910
At 2.25 fitment factor- Rs 31,050
At 2.45 fitment factor- Rs 33,810
Fitment factor for 8th Pay Commission
The pay commission is yet to be formed. Once it is formed, it will prepare its report and submit it to the central government. The Cabinet will approve it, and the revised pension rates will come into effect. So, it is yet too premature to say what the government decides. But according to estimates, the fitment factor can be in the range of 1.92 to 2.57.
Estimated revised pension for employee (PB 1, GP 2000, Level 3, basic pension Rs 15,550)
At 1.95 fitment factor- Rs 30,322.5
At 2.25 fitment factor- Rs 34,987.5
At 2.45 fitment factor- Rs 38,097
Estimated revised pension for employee (PB 1, GP 2400, Level 4, basic pension Rs 17,650)
At 1.95 fitment factor- Rs 34,417.5
At 2.25 fitment factor- Rs 39,712.5
At 2.45 fitment factor- Rs 43,242.5
Estimated revised pension for employee (PB1, GP 2800, Level 5, basic pension Rs 20,800)
At 1.95 fitment factor- Rs 40,560
At 2.25 fitment factor- Rs 46,800
At 2.45 fitment factor- Rs 50,960
Estimated revised pension for employee (PB 2, GP 4200, Level 6, basic pension Rs 24,500)
At 1.95 fitment factor- Rs 47,775
At 2.25 fitment factor- Rs 55,125
At 2.45 fitment factor- Rs 60,025
Estimated revised pension for employee (PB 2, GP 4600, Level 7, basic pension Rs 31,100)
At 1.95 fitment factor- Rs 60,645
At 2.25 fitment factor- Rs 69,975
At 2.45 fitment factor- Rs 76,195
Estimated revised pension for employee (PB 2, GP 4800, Level 8, basic pension Rs 34,000)
At 1.95 fitment factor- Rs 66,300
At 2.25 fitment factor- Rs 76,500
At 2.45 fitment factor- Rs 83,300
Estimated revised pension for employee (PB 2, GP 5400, Level 9, basic pension Rs 38,950)
At 1.95 fitment factor- Rs 75,952.5
At 2.25 fitment factor- Rs 87,637.5
At 2.45 fitment factor- Rs 95,427.5
Estimated revised pension for employee (PB 3, GP 5400, Level 10, basic pension Rs 41,200)
At 1.95 fitment factor- Rs 80,340
At 2.25 fitment factor- Rs 92,700
At 2.45 fitment factor- Rs 1,00,940
Estimated revised pension for employee (PB 3, GP 6600, Level 11, basic pension Rs 46,900)
At 1.95 fitment factor- Rs 91,455
At 2.25 fitment factor- Rs 1,05,525
At 2.45 fitment factor- Rs 1,14,905