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Monday, May 31, 2010

CPI-IW for March : 170; Expected DA from July : 45%

All India Consumer Price Index Numbers for Industrial Workers on Base 2001=100 for the Month of April, 2010
All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of April, 2010 remained stationary at 170 (one hundred and seventy).
During April, 2010, the index recorded an increase of 4 points in Bangalore centre, 3 points each in Tripura, Rourkela, Asansol, Labac Silchar, Howrah, Durgapur and Mariani Jorhat centres, 2 points in 18 centres and 1 point in 18 centres. The index decreased by 2 pointsin Coimbatore, Ludhiana and Puducherry centres and 1 point in 12 centres, while in the remaining 19 centres the index remained stationary.
The maximum increase of 4 points in Banglore centre is mainly on account of increase in the prices of Goat Meat, Dairy Milk, Milk (Cow), Vegetable items, Snack Saltish, Cigarette, Saree (Synthetic), etc. The increase of 3 points each in Tripura, Rourkela, Asansol, Labac Silchar, Howrah, Durgapur and Mariani Jorhat centres is due to increase in the prices of Rice, Poultry, Goat Meat, Fish Fresh, Vegetable items, Cigarette, Firewood, etc. However, the decrease of 2 points each in Coimbatore, Ludhiana and Puducherry centres is due to decrease in the prices of Rice, Wheat, Wheat Atta, Onion, Sugar, etc.
The indices in respect of the six major centres are as follows :
1. Ahmedabad 164
2. Bangaluru 179
3. Chennai 156
4. Delhi 158
5. Kolkata 168
6. Mumbai 167
The point to point rate of inflation for the month of April, 2010 is 13.33% as compared to 14.86% in March, 2010.

Sunday, May 23, 2010

Revision of OverTime Allowance / Railways

The railway board granted payment of overtime Allowance in the revised 6CPC Pay scale with effect from 01-9-2008.Why the issue of revision of OverTime Allowance has not been considered in importent ministries like Defence,Postal etc.? The Railway board’s order of grant of Overtime Allowance is given below for the referance

GOVERNMENT OF INDIA / MINISTRY OF RAILWAY

(RAILWAY BOARD)

S.No. PC-VI/189                                    RBE No. 29/2010
No. PC-V/2008/A/O/3(OTA)                 New Delhi, dated 17.02.2010
The General Managers
All Indian Railways and
Production Units.
(as per mailing list)
Sub: Grant of Overtime Allowance to Railway employees consequent upon revision of pay scales and allowances.
          Pursuant to the recommendations of the Sixth Pay Commission, the issue of revision of Over Time Allowance has been under consideration and in partial modification of the Board’s earlier orders on the subject, it has been decided by the Board that the Railway employees who are governed by the Statutory Acts like the Factories Act, Hours of Employment Regulations or those covered under rules for Departmental Overtime and who have opted for the revised scales of pay in terms of Railway Services (Revised Pay) Rules, 2008, may be granted overtime allowance, on the basis of their emoluments in the revised scales of pay.
2. The emoluments, for the purpose of computation of rates of OTA will comprise the following:
a) Railway employees governed by Factories Act
• Basic Pay (Pay in Pay Band + Grade Pay)
• Dearness Allowance
• House Rent Allowance
• Transport Allowance
• Cash equivalent of the advantage accruing through the concessional sale to workers of food grains and other articles, as the worker is for the time being entitled to (excluding wages for Overtime work or Bonus)
b) Railway employees governed by HOER
• All the items as shown in (a) above except House Rent Allowance
c) Railway employees governed by rules Under Departmental Overtime
(i) Employees working in Loco Sheds and C & W Depot
• All the items as shown in (a) above except House Rent Allowance
(ii) Other Railway employees governed under Departmental Orders
• Basic Pay (Pay in Pay Band + Grade Pay)
• Dearness Allowance
3. The revised rates of Overtime Allowance shall be effective from 01-9-2008.
4. With a view to minimize instances of OTA, General Managers may take following measures:-
(i) Prepare an action plan for systematic and efficient utilization of manpower covering various aspects viz. filling up of vacancies, especially in Running staff and operational categories, proper management of sanction of leave and rational deployment of staff.
(ii) Conduct a fresh job analysis of the duties of Motor Car Drivers who are presently classified as ‘Continuous’ to determine their actual period of working requiring sustained attention.
(iii) Prefer hiring of vehicles for official use, if necessary.
(iv) Allow compensatory off to the staff booked on holidays due to exigencies.
(v) Direct all the RRBs to follow a uniform pattern by giving compensatory off to their staff instead of OTA.
(vi) Review payment of OTA to supervisors in the Pay Band-2 except to those who are earmarked for breakdown duties, to minimize the incidence of OTA.
5. This issues with the concurrence of the Finance Directorate of the Ministry of Railways.

Tuesday, May 18, 2010

Employees’ Provident Fund (EPF) to be Modernised

A budgetary estimate of Rs. 96 crore has been approved by the Central Board of Trustees, Employees’ Provident Fund (CBT, EPF) for the implementation of the first phase of the ‘Modernization Project’ of the Employees’ Provident Fund Organisation (EPFO) being implemented in collaboration with National Informatics Centre (NIC).
The first phase of the ‘Modernization project’ has already been implemented in 28 offices of EPFO. It is planned to implement it in the remaining 92 offices of EPFO in the current financial year i.e. 2010-11.

Chances of 9% + DA hike during June 2010

As per the figures available from Labour Bureau, Government of India (http://labourbureau.nic.in/indtab.html) it can be assumed that 9% DA hike can be assumed from June 2010, provided the All India Consumer Price Index (AICPI) doesnt come down was was the case for Jan 2010. The DA from June 2010 can be 45%. This is calculated assuming that the All India Consumer Price Index (AICPI) remains unchanged at 170 During April to June, which are yet to be announced. These figures for January 2010 was 172 and came down to 170 during February and remained same at 170 for March.

Month

Year

CPI

Total for 12 months

Average

App. DA

DA

June

2009

153

1776

148.00

27.84

27

July

2009

160

1793

August

2009

162

1812

Sep

2009

163

1829

Oct

2009

165

1846

Nov

2009

168

1866

Dec

2009

169

1888

157.33

35.91

35

Jan

2010

172

1912

Feb

2010

170

1933

Mar

2010

170

1888

Apr

2010

170

1975

May

2010

170

1994

June

2010

170

2011

168.42

45.48

45

Friday, May 7, 2010

Incentive increments to the sportspersons for outstanding sports achievements at National and International levels.

No.61212008-Pay-1

Ministry of Personnel, Public

Grievances and Pensions

Department of Personnel and Training

New Delhi the 61h May 201 0

OFFICE MEMORANDUM

Subject:: Incentive increments to the sportspersons for outstanding sports achievements at National and International levels.
Reference is invited to this Department's OM of even umber dated  6th Aguest 2008 and subsequent reminders dated 3rd October, 2008, 12 th December,2008, 3rd September,2009 22 nd October,2009 and
on 181h December,2009 hereby it has been requested to furnish views regarding the quantum of lump-sum incentives to be granted to sportspersons who win a Gold, Silver or Bronze medal in the Nationalllnternational Tournaments. A copy of the OM dated 26Ih August, 2008 has been uploaded on the DOPT's website ie. http:www.persmin.nic.in
2. All the MinistrieslDepartments are again requested to expedite the matter and furnish their considered views by 31'' May 2010 failing which it will be presumed that the MinistrylDepartment has no comments
to furnish.

Thursday, May 6, 2010

‘Swavalamban’ initiative to accelerate NPS yet to pick up

Despite government initiatives, the NPS has not generated enough interest among the masses. What needs to be done to prop up this excellent scheme?

Investors have not responded with much enthusiasm to the ‘Swavalamban’ initiative extended by the government under which it will contribute Rs1,000 per year (for a period of four years) to every New Pension Scheme (NPS) account opened this year with at least a matching contribution from the subscriber. Citizens in the non-government segment continue to abstain from investing in the NPS. The number of non-government subscribers to NPS registered as of 30 April 2010 has touched 5,532. Although the figure is more than double that of October 2009 when non-government subscribers were 2,321, the absolute numbers are still small.
The total central government employees registered under the NPS have gone up to 6,09,376 from 5,38,276 in October last year. However, there has been a large increase in numbers from among the state government employees during the same period. The number of subscribers under this category rose to 2,55,903 from the earlier 1,10,024.
An officer from one of the point of presence service providers (PoP-SP) pointed out that there have been no significant additions since the budget announcement. He said, “The momentum has not picked up much despite various initiatives from the government and banks. We have been told that this product should be bought and not sold. So we are not expected to advise customers in any way. The policy is that we wait for the customers to approach us. We are fully equipped and ready to accept subscriptions in the NPS.”
Incidentally, this PoP-SP has commissioned more than 300 of its branches to provide NPS registration facilities to the subscribers. Several other banks have also mobilised a chunk of personnel and designated a part of their infrastructure for catering to the NPS subscriptions. Another PoP service provider confirmed, “Although there is an improvement in the NPS accounts, it is not as much as what was expected.”
Commenting on what needs to be done to popularise the scheme, the official stated, “We need to approach private sector companies and talk to employees about the benefits of the scheme. The government could also probably offer a minimum dividend or guarantee as people may be worried about what they will end up with after so many years. Things will change if the scheme assures a minimum return.”
Speaking about the possible actions being considered to promote the scheme, an official from the Pension Regulatory and Development Authority (PFRDA) said, “The Swavalamban initiative has seen a slow and steady rise from the earlier rate of enrolment. The first phase of implementation is almost over. We are now looking at various promotional and monetary incentives for enrolment. We are considering media campaigns and strengthening the regulatory mechanism through monitoring the PoPs more closely and how to make them promote the scheme better.”
The still lukewarm response to the NPS is unfortunate considering that it is a product that is actually tailor-made for the requirements of the masses. It is among the least expensive balanced investment products in the market and the cheapest pension product in the offing, which would make a huge difference to long-term wealth.
Lack of confidence in the product is also a mitigating factor. Investors are wary about how much they will end up with after the contribution period. Investors should be advised by the PoPs regarding the portfolio allocation to debt and equity before investing. Awareness among the masses still remains a concern for the pension regulator and hence, its plans to promote the scheme need to take shape for the NPS to achieve its true potential.

Tuesday, May 4, 2010

Govt planning to give deemed deputation status to PB employees

New Delhi: Government today informed Rajya Sabha that it is planning to give Prasar Bharati employees, who had joined the public broadcaster till October 5, 2007, the status of being on deemed deputation.
Minister of State for Information and Broadcasting C M Jatua, in a written reply to a question, said, "government has proposed to amend Section 11 of Prasar Bharati Act based on recommendations of the GoM dated October 5, 2007 and September 26, 2008".
Section 11 of Prasar Bharati Act recommends that the right of taking a decision whether they want to be government employees or public broadcaster's employees, should rest with the employees of Prasar Bharati.
When Prasar Bharati was established as an autonomous corporation by an Act of Parliament, it was entrusted with the functions discharged by All India Radio and Doordarshan.
Around 40,000 odd DD and AIR employees had joined it on deemed deputation, but were not getting any facilities meant for Central Government employees.
After a prolonged agitation by workers, the GoM had recommended in September 2008 that employees recruited upto October 5, 2007 would continue to be government servants on deemed deputation to Prasar Bharati till retirement and will enjoy all facilities at par with Central Government employees.
It had further said that employees recruited after October 5, 2007 will be Prasar Bharati employees.
Accordingly, the government is in the process of amending Section 11 of the Act to implement the GoM's decision.
The minister said the government has referred to the reconstituted Group of Ministers (GoM) the issue of whether a Parliamentary committee of Prasar Bharati should be constituted as per provisions of Prasar Bharati Act.
"The issue whether a Parliamentary committee is to be constituted as per Section 13 of Prasar Bharati Act 1990 or Section 13 of the Act is to be deleted, has been referred to the GoM, which has been reconstituted on February 10, 2010 for taking a view," he said

Sunday, May 2, 2010

Grade Pay Rs.4200 to MCM:Issuance of Order will be delayed

          The sources close to the South Block told that the proposal approved by the Finance Ministry (Department of Expenditure) regarding granting Grade Pay Rs.4200 to MCM in Ministry of Defence, facing a surprising twist in its non ending long journey.
         It has been told that all the three federations (AIDEF, INDWF, and BPMS) are opposing this proposal as it was not the same as they accepted in Fast Track Committee. Hence it is believed that the Defence Ministry now sent the file back to MOF for the approval of the proposal accepted in Fast Track Committee.
           In the old proposal it has been recommended that there will be 4 Grade Structure, in which Skilled-45%, Highly Skilled II-20.5%, Highly Skilled I-20.5%

New Pension Scheme - PFRDA may raise allocations for pension fund managers

The Pension Fund Regulatory Development Authority (PFRDA) is likely to allocate Rs 4,100 crore in 2010-11 among the three pension managers, State Bank of India, UTI Mutual Fund and LIC Mutual Fund. Last year, the regulator had allocated Rs 3,700 crore.
The corpus would mainly be the contribution of central and state government employees. At present, 25 states have signed up for the new pension scheme (NPS).
The NPS’ board of trustees  decided to review the allocation formula. The allocations will be decided on the basis of the managers’ performance over the past year. According to PFRDA’s website, SBI’s pension fund had the highest net asset value (NAV) under central government schemes. As on April 23, SBI pension fund had an NAV of Rs 12.82 for central government employees, while UTI Retirement Solutions posted an NAV of Rs 12.38. LIC Pension Fund’s NAV was Rs 12.41.
The final decision will be taken by the NPS’ board of trustees on Monday. Last year, SBI had got 40 per cent, UTI MF 31 per cent and LIC MF 29 per cent.