Mumbai, January 31: Ahead of the Union Budget 2023 presentation in the parliament tomorrow, February 1, the Labour Ministry is likely to release the All India Consumer Price Index (AICPI) figures today. The AICPI data could help the government to take decisions for its employees under 7th pay commission regarding DA hike, release of dearness allowance errors, Fitment factor raise among others.

Meanwhile, a report in Money Control has stated that the 7th pay commission could be replaced with a new pay commission which will be the 8th pay commission. It also said that Finance Minister Nirmala Sitharaman is likely to announce the 8th Pay Commission during the Union Budget presentation. 7th Pay Commission Latest News Today: Centre Likely To Announce DA Hike After Release of AICPI Index Tomorrow, 3% Raise Expected.

However, no official announcement has been made by the government on the same as yet. Since a long time Central government employees under 7th CPC have been demanding a new pay commission. At present, 7th Pay Commission is going on in the country, based on which government employees are paid their salaries.

Centre Likely To Announce 8th Pay Commission

If reports are to be believed, the Centre could announce the introduction of 8th pay commission in the Budget 2023, which would replace the existing 7th CPC. If approved, the salary of government officials from the lower band to the top level is also likely to get a major boost. A new pay commission will also lead to a hike in Fitment Factor of government employees. 7th Pay Commission to Be Replaced By 8th Pay Commission After Budget 2023? Check Latest News Update Here.

Generally, a new pay commission for government employees is introduced and then implemented after every ten years. In the past too, the same pattern was observed for 5th, 6th and 7th Pay Commission. Similarly, there is a high possibility of 8th CPC being set up this year and being implemented in 2026.

(The above story first appeared on LatestLY on Jan 31, 2023 03:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).