EPF interest rate hiked to 8.65%

Retirement fund body Employees' Provident Fund Organisation

has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said.

   All members of the Central Board of Trustees of EPFO at a meeting agreed to give a higher interest for subscribers for the current fiscal, the minister said further.

The proposal would now go to the finance ministry for approval, Gangwar said after the CBT meeting.

Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections.

The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

 The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.

-- PTI

Central D.A. wef 01.01.2019 approved

The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the release of an additional instalment of Dearness Allowance (DA) to Central Government employees, and Dearness Relief (DR) to pensioners w.e.f. 1.1.2019 representing an increase of 3% over the existing rate of 9% of the Basic Pay/Pension, to compensate for price rise. This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission (CPC). The combined impact on the exchequer on account of both DA and DR would be Rs. 9168.12 crore per annum and Rs. 10696.14 crore in the FY 2019-20 (for a period of 14 months from January 2019 to February, 2020).This will benefit about 48.41 lakh Central Government employees and 62.03 lakh pensioners.

UP govt employees call off strike

Lucknow, Feb 8 (PTI) The Uttar Pradesh government
employees called off their strike Friday hours after the Allahabad High Court declared the protest "illegal" and ordered it to initiate disciplinary action against them and their unions.

Senior leaders of the striking employees' union, Dinesh Chandra Sharma and Hari Kishore Tiwari, said in a statement Friday morning that the strike was being called off.

The court had Thursday prohibited the employees and unions from going on strike or inciting any employee. It had directed senior officials of various departments to record the employees' attendance and videograph their agitation.

A section of the state government employees had gone on strike Wednesday for restoration of an old pension scheme, prompting the government to invoke ESMA and ban the protest.

IBA raises wage hike offer to 10%, unions not happy

11th Bipartite Wage Settlement Status - Another round of Bipartite Talks was held on 2nd February in Mumbai between IBA and 5 Workman Unions. 
Issues which were discussed in the meeting 

 • Transportation of personal effects by train or road while on transfer from one station to another: Some improvements would be considered looking to entitlement of officers. 

• Increase in Breakage Allowance while on transportation of personal effects: agreed to increase the existing entitlement by 10% for both With Receipt Basis and Declaration Basis. 

• Festival Advance to employees – increase in quantum: Agreed to finalise it by discussion in the main negotiating committee and recommend to the Government. 

• Problems of Ex-servicemen employees in fitment, etc: Government guidelines from the Finance Ministry are being implemented. Circular with FAQ will be prepared and sent to all Banks for proper implementation of the Government guidelines. 

• Definition of family for coverage under Group Medical Insurance Policy – Any two of parents or parents-in-law to be covered: Matter will be taken up with United India Insurance Company. 

• Privilege Leave taken on sick grounds where sick leave is exhausted should not be counted as an occasion in the entitlement of 4 occasions in an year: Agreed. 

• Maternity Leave can be availed in combination and continuation of other kinds of leave: Agreed.

Budget 2019 : Income Tax rate unchanged !

No cheer for taxpayers. Tax rate unchanged. Only rebate u/s 87A increased to Rs 12500. 
Those whose total income is more than Rs 5 Lac will have to pay same amount of tax as earlier.
Standard Deduction increased to Rs 50,000.
Click here for the Finance Bill 2019