8th Pay Commission Pension: Centre announces Terms of Reference for 8th Pay Commission, report due in 18 months. Pensioners may see hikes with fitment factor.
After a long wait, the Centre has finally given a reason to cheer to its employees and pensioners by announcing the Terms of Reference (ToR) for the 8th Pay Commission, with a timeline to submit the report within 18 months.
ToR is a blueprint that helps the committee to carry forward its work by outlining the scope of work and the specific areas where the commission is expected to make recommendations, ranging from basic pay structure, allowances, and pension revisions to retirement benefits and service conditions.