Banking services likely to be affected for 5 days for strike and holidays

The Union of bank officers have made a call to go on strike on December 21 and this is against IBAs attempt at leaving officers in Scale IV and higher out of the bipartite wage settlement exercise. Also, there is another strike call by the bank force all across India on December 26. And so if you are planning any of the bank related work better get it done before 21.

This is because banks owing to strikes if they happen by any chance will remain closed for 5 days beginning December 21 (Friday, December 22 (being 4th Saturday), December 23 (Sunday), December 25 (Christmas) and December 26 again the All India bank strike, barring December 24 (Monday).So, the offline banking services will be severely hit all across the country. The bank official’s union which made a call strike for December 21 demands salary revision in accordance with the charter of demands, full mandate for officers up to Scale VII, scrapping of NPS, halting the sale of third-party products as well as 5 days banking service.

Simplification of referral system under CGHS

Dept. of Health and family Welfare revisited the existing procedure of referral system under CGHS and revised guideline for the same.
Salient features are :-
Referral from CGHS for consultation in private empannelled hospital shall be valid for 30 days.
Referral shall be valid for consultation upto 3 times within the same hospital within 90 days.
Advice for listed investigations to be valid for 30 days.
Click here for details

Central Govt. announced NPS bonanza for it's employees

The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS).

·         Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%.

·         Providing freedom of choice for selection of Pension Funds and pattern of investment to central government employees.

·         Payment of compensation for non-deposit or delayed deposit of NPS contributions during 2004-2012.

·         Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60%. With this, the entire withdrawal will now be exempt from income tax. (At present, 40% of the total accumulated corpus utilized for purchase of annuity is already tax exempted. Out of 60% of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40% is tax exempt and balance 20% is taxable.)

Big win for NPS beneficiaries : Bonanza decided

A big bonanza for NPS subscribers ! In yesterday's cabinet meeting, Govt. decided to hike the benefit in NPS for Central Govt. employees though it is not officially announced as model code of conduct for the assembly election is currently in force.
As per the sources, Govt. enhanced employers' contribution by a hopping 4% while the employees' contribution to be remained at existing 10% of basic pay and D.A. Presently the employee and employer contribute 10% each for building a pension wealth which takes care of the lumpsum payment and pension provided by the anuuity service provider.
As per the Cabinet decision, if the employee decides not to commute any portion of the accumulated fund in NPS at the time of retirement and transfers 100 per cent to annuity scheme, then his pension would be more than 50 per cent of his last drawn pay, sources said.

While the government is yet to decide on the date of notification of the new scheme, sources said such changes usually come into effect from the beginning of a financing year, meaning April 1, 2019.

This formula for changes in the NPS was worked out by the Finance Ministry based on the recommendation of a government-appointed committee.

(With inputs from PTI News)

Govt. to discuss restoration of old pension scheme : Cabinet Secretary assures

Update : Bonanza Decided (Click for details)

There is good news for central and state government employees as well as pensioners as the Cabinet secretary PK Sinha has given an assurance over a key demand of the staffers for which they had been agitating for long. 

Employees have been agitating for long about restoration of old pension and scrap the new pension scheme for central and state Govt. employees throughout the country. In a recent development, Delhi Assembly passed a resolution to scrap the new pension scheme for it's employees and sent the resolution for centre's nod. Govt. of Andhra Pradesh constituted a high power committee to look into the aspects of restoration of old pension for it's staff. West Bengal is yet to join the new pension scheme. While the general election knocking at the door, political parties can not ignore the demand of restoration of old pension scheme and the unions are trying to capitalize the situation for the favour of the employees.

A massive protest was organized on Monday in Delhi by the joint platform of state and central workers under the banner of Public Service Association of India. Following the protest, Cabinet secretary called these employees for a late night discussion. The latest update suggests that the outcome of the discussion has largely been positive. 

The assurance that has been given to central government employees is that the matter of providing all the benefits of the old pension scheme, which was discontinued previously, to employees will be taken up in the next Cabinet meeting!

This is a massive development and indicates that the Centre is willing to at least think about going back on the new pension scheme, which is being opposed by staffers.

(With inputs from Zee Business News) 

Consumer Price Index for Industrial Workers (CPI-IW) — October, 2018

The All-India CPI-IW for October, 2018 increased by 1 point and pegged at 302 (three hundred and two). 

Bank Bipartite : Unions reject IBA's offer of 8% hike on 30th Nov meeting

Bank unions, on Friday, rejected the Indian Banks’ Association’s improved offer of an 8 per cent hike in wages against 6 per cent earlier under the industry-wide 11th bipartite wage negotiations.
Source : The Hindu Business Line

Nine unions, under the banner of the United Forum of Bank Unions (UFBU), also told the association’s wage negotiation committee that the proposal to introduce variable pay, which will be linked to return on assets and operating profit, as part of the overall 8 per cent wage hike, is not acceptable.

S Nagarajan, General Secretary, All India Bank Officers’ Association, said: “The 8 per cent offer should be improved upon further. We are not agreeable to variable pay.”