Microsoft is planning to release cumulative updates for Windows 7 SP1 and Windows 8.1 from October 2016. But those updates won't include fixes for Internet Explorer.
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Microsoft has published the blog post A Bit About the Windows Servicing Model in August 2016, explaining the update service model. Patches for Windows 7 SP1 and Windows 8.1 will be released as cumulative updates from October 2016 (Windows Vista won't get cumulative updates at all).
Monthly Rollups and Security-only updates
Also the article Further simplifying servicing models for Windows 7 and Windows 8.1 from August details the update servicing changes.
From October 2016 onwards, Windows will release a single Monthly Rollup that addresses both security issues and reliability issues in a single update. The Monthly Rollup will be published to Windows Update (WU), WSUS, SCCM, and the Microsoft Update Catalog. Each month's rollup will supersede the previous month's rollup, so there will always be only one update required for your Windows PCs to get current. i.e. a Monthly Rollup in October 2016 will include all updates for October, while November 2016 will include October and November updates, and so on. Devices that have this rollup installed from Windows Update or WSUS will utilize express packages, keeping the monthly download size small.
Also from October 2016 onwards, Microsoft will release a single Security-only update for Windows. The Security-only update will only include new security patches that are released for that month. Individual patches will no longer be available.
Internet Explorer updates are still not integrated
In an additional comment to his blog post, Microsoft employee, Nathan Mercer, made it clear, that Internet Explorer updates are not part of the monthly Rollup updates. Microsoft is working to get IE included in the monthly rollup and security-only update. But till now, there is not a confirmed schedule when this happens.
No cumulative Updates for Windows Vista/Windows Server 2008
Nathan Mercer addresses also updates for Windows Vista, that reaches end of life on April 11, 2017. But due to technically complications, Windows Vista and Windows Server 2008 won't see cumulative updates. (via)
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