PM Narendra Modi approved the formation of the 8th Pay Commission, set to be implemented on January 1, 2026. However, progress has been slow, with no chairman or members being appointed yet, raising concerns about timely readiness. The commission will benefit all Central Government employees and retirees with salary and pension increases. Notably, government bank employees are excluded, as their salaries are hiked through separate agreements with the Indian Banks Association (IBA). The notification for the commission is still pending, as the government awaits suggestions from various ministries and states.