Rajeev,
You should be able to restrict 0008 display of other users using P_PERNR (and not assigning 0008 in P_ORGINCON). And I don't think PD profile will come into picture for that (based on how I understood your description of the requirement). The case I described earlier is just an example and not a standard setup. The way you described "to restrict basic pay access (0008) of other employees" does not sound like a complete requirement. You will have to talk to your HR consultant and Security team to understand what is the requirement and the configuration of the PD profiles.
Also read through the following post, it is an old post and describes the scenario with P_ORGIN (& not P_ORGINCON) butKarsten Arold gave a really good explanation on the sequence of authorization check.
ESS security setup - P_PERNR for own records and P_ORGIN impact on HR access
Regards,
Shivraj Singh