8th Pay Commission update: In a massive good news for nearly 50 lakh central government employees the Union cabinet approved the terms of reference (ToR) of 8th Pay Commission which will revise the salary of central government employees. Notably the Union Cabinet has earlier approved setting up the 8th Pay Commission to revise salaries of of central government employees and allowances of about 69 lakh pensioners. What Ashwini Vaishnaw said on 8th Pay Commission ToR Notably Ashwini Vaishnaw had said that the ToR has been finalised after consultations with various ministries state governments and staff side of joint Consultative machinery. It should also be noted that the 7th Pay Commission was constituted in February 2014 and its recommendations were implemented from January 1 2016. Also the 8th Pay Commission is due for implementation on January 1 2026. Whats expected from 8th Pay Commission  According to a report by Goldman Sachs the salaries of Central government employees may increase by Rs 14000 to Rs 19000 per month after the implementation of the 8th Pay Commission report. The global financial services firm stated that around 50 lakh Central government employees and 65 lakh pensioners are expected to benefit from the pay revision. If the government allocates Rs 1.75 lakh crore for the 8th Pay Commission and half of this amount is used for salary revision while the rest is for pensions the median salary could rise to Rs 114600 per month. (With inputs from agencies)