Saturday, June 25, 2016

Brexit fallout: Govt may delay implementation of Seventh Pay Commission by three months

Media Report :
It seems that the consequences of Brexit have some initial repercussion on India. According to reports, the Narendra Modi government may delay the implementation of much awaited Seventh Pay Commission by two-three months.
Reports say that the delay is because of the volatility in the markets following Britain's decision to exit the European Union. And it will take at least three months for the markets to re-stabilize.

Friday, June 17, 2016

Cabinet likely to approve salary hike by a fortnight

As per Zee News : "The secretaries panel reviewing the 7th pay commission's recommendations have submitted its report to the Finance Ministry. The Finance Ministry will prepare a note and present it before the Cabinet in the next 15 days."
Click here to read more
Other media reports :
The much awaited Seventh Pay Commission will be approved by the end of this month. According to reports the Union Cabinet officials reviewing the recommendations made by the commission is likely to approve the bill after which proposed hike salaries will be credited on the account of central government employees from August 1.
Further cabinet meetings which is likely to be held by the end of this month will give a final touch to the recommendation and will approve it also.

Thursday, June 16, 2016

Media reports substantial pay hike for central employees

Govt employees to get  hiked salary from August, arrears in one installment ahead of Dusshera

 The central government employees and pensioners are likely to get their 6 months of arrears just ahead of the Dusshera festival in October.
As per media report, increased salary of July will be credited to the 47 lakh central government employees and 52 lakh pensioners' accounts on August 1, 2016. But the arrears of last 6 months will be credited in one installment ahead of the Dusshera in October.
As per sources, the Empowered Committee of Secretaries headed by the Cabinet Secretary Pradeep Kumar Sinha has recommended a 30 percent increase in minimum and maximum basic pay structures along with doubling of existing rates of allowances and advances.
The 7th Pay Commission had suggested a maximum basic pay of Rs 2,50,000 and a minimum of Rs 18,000. A 30 percent increase would translate into maximum salary of Rs 3,25,000 and minimum at Rs 23,400, respectively.

Tuesday, June 14, 2016

Adhoc Bonus for West Bengal employees

The amount of ad-hoc bonus, subject to maximum amount of Rs.3,400/- only.

"The undersigned is directed by order of the Governor to say that the Governor is pleased to decide that the State Government employees who are not covered by any of the productivity linked Bonus Scheme and whose revised emoluments did not exceed Rs.25,000/ – per month as on 31st March, 2016 will be entitled to ad-hoc bonus for the accounting year 2015-2016 at the rate of Rs.3,400/- per head. The upper eligibility ceiling of Rs.25,000/- p.m. ‘as on 31st March, 2016 will be applicable irrespective of whether the emoluments are drawn in the pre-revised or revised scale of pay or on fixed.’ consolidated contract pay."
Click here for the order

Monday, June 13, 2016

GPF Interest rate slashed to 8.1% for the first Qr of 2016-17

In line with the recent interest rate cut in different small savings scheme, Central Govt. slashed GPF interest rate to 8.1% for the first quarter of 2016-17.
It may be mentioned that from this year onward interest rate will be reviewed on quarterly basis.
Click here for the FinMin resolution

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