Consumer Price Index for Industrial Workers (CPI-IW) – July, 2017

The All-India CPI-IW for July, 2017 increased by 5 points and pegged at 285 (two hundred and eighty five).

7th Pay Commission: Odisha to implement salary hike from Sept

Odisha government on Wednesday announced implementation of the Seventh Pay Commission recommendations in the state.

Chief Minister Naveen Patnaik informed that the state government employees will get the pay hike from September's salary onwards.

"My government has decided to implement the recommendations of the committee constituted for examination of 7th Central Pay Commission report and its adoption for the state government employees," said Chief Minister Naveen Patnaik.

This will benefit over 4.5 lakh state government employees and 3.5 lakh pensioners in the state.

The arrear payments are being worked out, said the Chief Minister.

The state will have to bear annual expenditure of about Rs 4,500 crore for execution of the Seventh Pay Commission.

The state government was under constant pressure for some time from employees unions as the the Seventh Pay Commission Recommendations have been implemented with effect from 1 January, 2016 in some states and the central government.

Source : Zee News

• Group D employees will get a monthly basic salary of Rs 18,000 as per the 7th Pay panel recommendations as compared to the present salary of Rs 6,450
• Group C employees will draw basic salary of Rs 19,900 whereas the present salary is Rs 7,100
• Group B employees will now be paid a basic salary of Rs 35,400 monthly as against Rs 13,500 at present
• Group A employees will get Rs 56,100 as basic salary as compared to Rs 21,000 currently.
• Group A OAS employees at the top most level will draw a salary of around Rs 1,44,200
• Salary of IAS officers will increase to Rs 2,25,000

Fee for default in furnishing return of income

For the current financial year (2017-18), a new late fee has been introduced for late filing of Income Tax return.

Fee for default in furnishing return of income.

234F. (1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—

 (a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;

 (b) ten thousand rupees in any other case:

Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.

Bonus for Bank employees : Reasons to cheer

"Payment of Bonus Act was amended recently. As per the amended provisions the ceiling on salary and wage has been increased from Rs.10000/- to Rs.21000/- per month. As such, employees whose salary/wage does not exceed Rs.21000/- per month are now eligible for bonus.

It has been decided to pay Bonus at the rate of 8.33% of salary to all the eligible employees for the period 01.04.2016 to 31.03.2017.

Salary for this purpose includes 1) Basic pay (including FPP & PQP) 2) Special Pay 3) Dearness Allowance 4) Special Allowance with DA only."

Above narration is taken from a circular from Andhra Bank dated 18.08.2017.

Click here for full text of the circular

Odisha employees likely to get revised pay soon

Here is the music to ears for the State Government employees ahead of Dusshera as Chief Minister Naveen Patnaik is all set to enforce the 7^th Pay Commission before the Puja vacation begins.

The report submitted by the State Fitment Committee as per the 7^th Pay Commission is under scrutiny for the government to take decision accordingly, Finance Minister Sashi Bhushan Behera said on Monday. He also hinted on the implementation of 7^th Pay Commission as soon before the Durga Puja but chose to keep mum on the date of implementation as CM will take the final call.

As per reports, the government may enforce the pay hike effective from 2016 besides the arrear which will be added to the employee’s salary in the next phase. This hike will increase the financial burden of Rs 5,500 crore on the state treasury.

If the State government follows the Central government pattern for implementing the hike, the overall salary will increase by 23 per cent.