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Tuesday, October 21, 2008

Planning to Buy House? Just wait

Makes sense to wait as prices will fall further; desperate builders are not finding many buyers.
Housing Loans : Interest rates expected to come down, so wait a while; good time to pre-pay part of the loan if it is not tax-efficient. [Source : Outlook]

Future economic historians may remember the month that just ended as Black September. Lehman Brothers collapsed; the Bank of America acquired Merrill Lynch; AIG was nationalised; banks such as Washington Mutual and Wachovia were wiped out. As credit and finance markets around the world tumbled like ninepins, so did stock markets in India, with the Bombay Stock Exchange Sensitive Index (Sensex) falling 3.35% or 469 points on September 15. The worst affected was the realty index which dropped 7.6% on the same day. Since then, while stocks prices in India have seen massive swings, shares of real estate firms have remained depressed, falling a total of 20% as of October 1.

In addition to housing stocks, home prices are taking a beating. By some estimates, prices have dropped by 25% in certain urban markets. While in the US -- and also in Britain -- the subprime mortgage mess has seen home prices fall dramatically, in India, such slowdowns have been rare -- at least in the past. Prices may soften, sales activity may slow and occasionally a distress sale occurs, but there has not been an overall fall in home prices. [Source : Sify]

Lenders force builders to start selling :

MUMBAI:Financiers have started talking tough with Indian property firms in trying to salvage the money they had lent. “Sell-before-it’s-too-late” is a point that some of the big lenders are driving home, while a few overseas funds which had committed equity investments in tranches have gone into arbitration to wriggle out of the promise.

Most builders were prompt with interest payments till September 30. But lenders now fear that many would default in the December quarter or may be even earlier. A large builder has already failed to pay interest to a foreign fund, which had purchased the structured securities at the peak of the property boom.

Banks and institutions have lent over Rs 75,000 crore to Indian builders. This does not include around Rs 25,000 crore worth of bonds and debt papers which mutual funds had bought. While the total value of land and properties held as collateral is more than the outstanding loan, it’s still cold comfort. If builders start defaulting in a big way, the lenders will be left holding huge tracts of land amid crashing property prices.

The lenders said that in some cases, loans coming up for repayment in October and November will not be rolled over — a threat they feel could push some builders to sell properties at a lower price and service the loan interest.

Some of the loans are on a rental discounting model, which means the builder pays the loan interest every month out of the rental income from commercial properties. For construction finance, the loan is cleared in equal quarterly installments, where the amount — like individual home loans — consists of interest and part-principal. A trickier situation is where properties are lying half-built or have been nearly completed, but potential tenants like brokers and finance firms have backed out with the downturn in the market.

But lenders know that they can’t push too hard. “We are targeting to meet the borrowers separately to assess their respective cash flow positions. We have to take a case-by-case approach,” said a banker. What’s worrying them is the huge leverage in the real estate sector, with most builders bringing in relatively little money as their own capital to borrow big-time against land banks. [Source : India Investment Property]

Indian real estate sector in recession mode :

Presently, the impact of recession in US economy has caused mammoth impact on Indian real estate market as well, as it is witnessing the recession. Till now, the real estate industry was a booming industry, which were in pace with information technology (IT) industry. Accordingly, the demand for IT space and commercial spaces has been grown. Also, the high net worth of individual investors has created a very fast pace of demand in Indian real estate sector, which has a very high impact image of investing in India.

As the money was coming in terms on investment in from non-resident Indians as well as private equity funds, the well-known developers and real estate players have grown their portfolio as well many small sized players have also created in Indian market. It has provided a very high supply of real estate segments either in residential or in commercial or in office space. Special economic zone (SEZ) has also creates a very good opportunities for investors as well as corporate to invest and get benefited from Indian real estate market. So, the booming market has created a niche as modern living and created a very mass employment in Indian segment.

The recent changes, which happened in American market such as bankruptcy of Lehman Brother (one of the oldest financial firms of American market) and sell process of PE firm Merryl Lynch by the largest US bank, Bank of America, has created a very fast drops/recession in financial industry and created a crisis in all over US economy. Both of these firms were invested their more part of funds into real estate sector without having the proper analysing or effect.
They also have given the funds for mortgage industry of US, which is currently facing the hurdle of sub prime lending and have affected many players to bankruptcy.

All of these changes in the US economy have affected Indian economy as well as real estate segment as most of the Indian players have their liquidity funded by both of these firms. The IT segment, which was mainly funded by the PE firms or have their export to US markets have noticed very sharp drop of net worth of their firms. This recession also affected the Sensex, which is bullish and brings down the net worth of the leader of Indian real estate player very low. The impact can be shown in share price of DLF, Unitech, GMR group, Reliance Group, Wipro, Satyam etc groups. All of these sudden changes in Indian and US market created a point of thinking to investors and individuals that where it will go and what will be the best option in real estate investment. The market rates in India are also dropped by 10 to 30 per cent in most of prominent as well as upcoming cities and the trend appears to be still continuing, till it recovers from the ill effects of financial crisis. [Source : Meri News]


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Monday, October 20, 2008

DRDO facing attrition problem: Antony

Country's premier defence research organisation DRDO is facing the attrition problems as 785 defence scientists have resigned in the last three years.

The government has offered various incentives for scientists in the Sixth Central Pay Commission (CPC) report, the Lok Sabha was informed today.

"A number of incentives were recommended by the CPC, which have been accepted and implemented by the government," Defence Minister A K Antony said in a written reply to a question on exodus of scientists from DRDO.

Incentives to arrest the attrition rate in DRDO include providing career enhancement opportunities to scientists by granting them study leaves, sending them to attend conferences and seminars and long term training courses.

"DRDO is providing study leaves to scientists for acquiring higher qualifications like PhDs, Masters Degrees. Scientists are sponsored to go and attend conferences and seminars and for long term courses for research both within and outside the country," Antony said.

The minister added that a lot of stress was being laid upon by DRDO to mentor young scientists along with improving their work environment and social life in DRDO campuses.

Wednesday, October 15, 2008

Any govt decision on pay issue will be good for country: Army

As the committee headed by External Affairs Minister Pranab Mukherjee is looking into the armed forces’ grievances over their new pay scales, the army on Wednesday said any decision by the government on the issue will be for the good of the country and the Services.

“The pay anomalies issues is currently with the Cabinet and I am sure it will take care of it. Whatever it decides, it will be for the good of the country and the armed forces,” Vice-Chief of the Army, Lieutenant-General M L Naidu, said on the sidelines of an Army Postal Service Awards ceremony ihn New Delhi.

“They (the committee members) are our national leaders and they will keep all issues in mind before taking a decision. It (pay issues) is not a matter of our expectations,” Naidu said, replying to a query on the course of action the armed forces would take if all their expectations are not met by the Mukherjee committee.

Prime Minister Manmohan Singh had late last month set up the Mukherjee committee with Defence Minister A K Antony and Finance Minister P Chidambaram as members to consider the four “core issues” raised by the armed forces on what they called a “discriminatory” 6th Central Pay Commission (CPC) report.

In fact, the issues had snowballed into a controversy over the armed forces’ reluctance to implement the Cabinet decision on the CPC taken last month.

Consequently, the 1.5 million armed forces personnel took home their old pay scales in October, while their 3.5 million civilian counterparts got their revised pay scales under the CPC.

To another query, Naidu said pointing out some discrepancies in the CPC was not “defiance”, but professional duty (of the armed forces).

The armed forces are demanding that the government place Lieutenant-Colonels and their equivalents in Pay Band-4, ensure parity in Grade Pay of officers from Captains to Brigadiers with their civilian counterparts, accord the Higher Administrative Grade Plus status in pay scales to Lieutenant Generals and restore 70 per cent pensionary benefits to jawans.

To another question over the misuse of army’s combat fatigues by paramilitary and police forces, Naidu said the army had already informed the Centre and the state governments about it.

“Now, the state governments have taken very strict action, because they have realized that by not insisting on this, it is causing some confusing. Now they have done it (enforce laws against misuse of army uniforms). And hopefully it will be sorted out,” Naidu said.

Asked about the uniforms and camouflages being freely available in the open market, the army vice-chief said as far as clothes, low-quality products are concerned, they were available (but not the Army’s).

“A solution is being worked out and the Home Ministry is doing what is necessary to curb such sales. By law, sale of military uniform in the open market is banned. It should not be available. If it is, there is a separate enforcement agency working on curbing the sale of military uniform. In J&K, they are very actively curbing the sale,” he added.

Pay issue to be resolved shortly : Mr. Pranab Mukherjee

A ministerial committee, set up to look into the armed forces' grievance about pay “anomalies”, is likely to sort out the matter soon.
External affairs minister Mr Pranab Mukherjee, who heads the three-member committee, today said he had discussed the matter with Prime Minister Dr Manmohan Singh and defence minister Mr AK Antony.
“Shortly, I am going to discuss with the finance minister (P Chidambaram),” he told reporters here when asked about the issue.
Without giving details of his discussions with the Prime Minister, Mr Mukherjee merely said: “I do hope we will be able to sort out the issue shortly”.
The committee, which also includes Mr Antony and Mr Chidambaram, was set up by the Prime Minister on 25 September in the wake of deep resentment in the armed forces, who complained that there were “anomalies” in the 6th Pay Commission recommendations and that it had lowered the status of their officers.
After the government notification was issued on 29 August, the issues of “anomalies” in the pay for officers was first raised by Air chief Fali Homi Major in his letter in his capacity as acting chairman of Chiefs of Staff Committee (COSC).
Chiefs of Navy and Army too have been voicing their resentment.
Mr Antony has strongly favoured resolution of core issues raised by the three services chiefs in their representation to the government. He wrote to Mr Chidambaram, raising issues of disparities”, including the ones relating to Personnel Below Officer Rank (PBORs).

Monday, October 13, 2008

Pay issue of armed forces to be resolved soon: Pranab

A ministerial committee, set up to look into the armed forces' grievance about pay "anomalies", is likely to sort out the matter soon.

External Affairs Minister Pranab Mukherjee, who heads the three-member committee, on Monday said he had discussed the matter with Prime Minister Manmohan Singh and Defence Minister A K Antony.

"Shortly, I am going to discuss with the Finance Minister (P Chidambaram)," he told reporters here when asked about the issue.

Without giving details of his discussions with the Prime Minister, Mukherjee merely said "I do hope we will be able to sort out the issue shortly".

The committee, which also includes Antony and Chidambaram, was set up by the Prime Minister on September 25 in the wake of deep resentment in the armed forces, who complained that there were "anomalies" in the 6th Pay Commission recommendations and that it had lowered the status of their officers.

After the government notification was issued on August 29, the issues of "anomalies" in the pay for officers was first raised by Air chief Fali Homi Major in his letter in his capacity as acting Chairman of Chiefs of Staff Committee (COSC).

Chiefs of Navy and Army too have been voicing their resentment.

Antony has strongly favoured resolution of core issues raised by the three services chiefs in their representation to the government.

He wrote to Chidambaram, raising issues of disparities", including the ones relating to Personnel Below Officer Rank (PBORs).

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The service chiefs’ protest

A similar scene is now being re-enacted in a democratic India. The three defence services, in unison, have refused to accept the orders of the Union cabinet on the Sixth Central Pay Commission award. The three service chiefs cited “the larger interest of the services” in an open communication to the rank and file.

The defence services have two main grouses against the current pay award: reduction in status of military officers and lower pay than their civilian counterparts. While the pay commission and the government have gone by existent parities, the services refer to the extant Warrant of Precedence. The issue of salaries of lieutenant colonels is being projected as the main bone of contention by the services. Yet, this ignores the fact that while a lieutenant colonel used to lead a battalion of nearly 1,000 soldiers three decades ago, today, he only leads a sub-unit of 150. We have come to this pass due to a lack of appetite—both among civilians and among the Armed Forces—for fundamental military reforms that would make the profile of the Armed Forces consistent with the rest of the economy. At the heart of this unfortunate controversy lies the fact that the government has gone about dealing with the issues of military pay and procurement independently, without considering them within the overall context of root-branch reform of the Armed Forces.
The arguments of the Armed Forces are often couched in emotional terms—unstable family life, staying at far-off places and risk to life. While these are valid, the pay commission has already considered these aspects. It has allocated an additional component called military service pay to the members of the Armed Forces. Tax-free liberal compensatory allowances for postings at Siachen and other difficult locations stand doubled after the pay commission report. In contrast, paramilitary forces and civilian officials working in corresponding areas do not enjoy these benefits.
The recent acts of the service chiefs on pay threaten a prudent constitutional balance

It is understandable that the Armed Forces should think they deserve more. However, instead of using the institutional mechanism for redressal, they have indulged in a game of political brinkmanship, raising demands publicly through the media.Ex-servicemen, who have no locus standi in the matter, have unconscionably taken up the cudgels as a public front for the defence services.
After announcing a ministerial committee headed by external affairs minister Pranab Mukherjee to address their demands, the Union government asked the service chiefs to notify the new pay. In direct defiance of government, the defence services delayed the notification. And far from nipping the tendency in the bud several months ago, defence minister A.K. Antony let the situation drift to this extent. This precedent cannot be a good sign for civil-military relations at a time when India has an acute need to rethink and modernize its Armed Forces.
India is an exception among the countries that gained independence from colonial rule in the last century. It has not experienced a spell of military rule due to the vision of its founding fathers, who devised an effective model for civilian control of the military. The Armed Forces, as envisaged in the Constitution, are a technical arm carrying out the policies of the government, responsible to the Union cabinet through the defence minister and its bureaucratic staff. In any modern democracy, the military commanders—those who actually have operational control of troops—are outside the governmental system, while there are some uniformed members in the government in the role of specialist military advisers. Parliament, through the Union cabinet and the defence ministry, has the last word on military policy. That our parliamentarians generally do not take too deep an interest in defence policy should not come in the way of appreciating the value of ensuring that civilian control of the Armed Forces remains robust and unchallenged.
The recent acts of the service chiefs threaten this prudent constitutional balance. While the government must make every effort to address the genuine grievances of the Armed Forces, they must also accept that the Union government has the final authority on this matter. The Union government must rein in the service chiefs and ensure the sanctity of the established civil-military relationship. Indeed, Mukherjee’s group of ministers would do even better to seize this opportunity to set the ball rolling on the comprehensive reform of India’s defence services. Respected voices in the strategic establishment have been calling for a blue ribbon commission that would conduct a comprehensive review of Indian defence policy. The unfortunate incidents of recent weeks are an urgent reminder of the need to heed that call.

Wednesday, October 8, 2008

Teachers' bodies not happy with pay commission report

Various teachers' organisations have expressed resentment over the UGC-Pay Review Committee's recommendations, saying the report has fallen short of
their expectations as it has several "anomalies".

The Delhi University Teachers' Association has said major demand of teachers for higher pay scale to lecturers so as to attract talent to the university system has not been accepted.

"The demand for introduction of professorship/professor's grade in all colleges to retain talent has not been considered by the committee headed by Prof G K Chadha," it said.

DUTA representatives on Monday met UGC Chairman Sukhadeo Thorat to air their grievances, its president Aditya Narayan Mishra said.

Democratic Teachers' Front, a teachers' organisation in Delhi University, said the recommendations of the Pay Review Committee with regard to pay scales and service conditions failed to reflect its objective of making the teaching profession more attractive.

It said the UGC had earlier suggested 25 per cent higher entry pay for teachers in comparison to the Group A services and three promotions for all teachers so that teachers could have parity with Group A services in terms of career earnings.

The college teachers have been explicitly downgraded by the recommendations which denied them promotion till professor's grade, it claimed. The DTF demanded a review of the report.

Delhi University Principal's Association, which had asked for senior principals' scale for those principals who have already completed eight to 10 years of service, said the committee has remained silent on the issue.

The Committee has recommended "Sabatical Leave" for college teachers but has not mentioned about "principals" categorically, it said.

Professors' posts have been created in colleges having post-graduate teaching in respective subjects. Similar provisions should be made for colleges offering honours programmes, its president S K Garg said.

Indian National Teacher Congress has said teachers have been denied the third promotion in colleges in the form of professorship/professor's grade as demanded since the last 20 years.

The committee's chairperson Rashmi Bhardwaj will meet HRD Minister Arjun Singh to apprise him the anomalies in the pay structure.

Meanwhile, the UGC members on Tuesday started a two-day meeting to discuss the recommendations. UGC will submit the report to the government by Thursday after its consideration.

The UGC-Pay Review Committee, which submitted its report to the UGC on Friday, has recommended a whopping over 70 per cent pay hike with additional allowances and new positions to academicians.

As per the recommendations, at the entry level, a faculty member will join as an assistant professor, not as a lecturer as earlier, and his new pay band will be between Rs 15,600 to Rs 39,100. The teacher at the entry level will be entitled for a grade pay of Rs 6,600. At present, a lecturer's pay scale is between Rs 8,000 to Rs 13,500.

A teacher will be entitled for annual increment of three per cent of the basic salary with compounding effect. Certain teachers with good performance record can get four per cent annual increment.

Similarly, the committee has recommended a new band pay between Rs 37,400 to Rs 67,000 for professor against the existing scale of Rs 16,400 to Rs 22,400.

Monday, October 6, 2008

Performance-based incentive scheme now on a voluntary basis

The department of science and technology (DST) that took the lead in formulating a performance-related incentive scheme for research organizations it funds, now plans to implement the scheme on a voluntary basis because some beneficiary organizations are still not convinced of the efficacy of the scheme.The dept of science and technology proposes to scrap annual confidential reports

The Sixth Pay Commission had carried out a study through the Indian Institute of Management, Ahmedabad, on a performance-based incentive system, to ostensibly improve the performance outputs of Central government employees.
The study, according to the official website of the pay commission, was aimed at working out a model whereby a base salary is attached to each post based on skills and responsibility and simultaneously, a second component would be payable over and above the salary on the basis of the productivity and performance of employees, either individually or as a group.
The study recommended an annual bonus of up to 20% to employees whose achievements exceed certain targets, which has been accepted by the cabinet.
The government has also given in-principle approval to contractual postings in government departments of employees hired from private sector.
As reported previously in Mint, a finance ministry official who didn’t wish to be identified had recently said that DST has already moved to put in place an incentive-based system.
“Once DST implements it, we expect there will be pressure on other government departments to follow suit,” this official had added.
“Some people aren’t convinced yet and so we will be implementing this on a voluntary basis,” said a senior official in the ministry of science and technology, who didn’t want to be identified.
DST is the largest funder, excluding the atomic energy and space ministries, of basic research programmes in the country. It is the most important source of funds for nearly 17 autonomous organizations that are working in a range of fields from astronomy to biology.
“But I’m confident that once a few adopt, the rest will come around,” the same official added.
One major change the scheme proposes is to do away with the current annual confidential reports and bring in annual performance management reports.
Here a 12-point criteria matrix would be drawn up, that evaluate criteria such as the number of articles published in peer-reviewed journals, impact factors of the journals, (These measures refer to how often a particular research paper is cited by peers in the field, and the frequency of well-cited research papers appearing in a particular journal) and the quality and impact of new schemes initiated (by scientists on the managerial side).
“One of the measures suggested for annual review is impact factor of a journal, and citation indexes. However, it would be unfair to use the same scale to compare output in veterinary sciences to (that in) nanotechnology, as nanotech is a much hotter field than vet sciences. A good paper on vet sciences will never be highly cited. That’s how the system works,” said a scientist, who didn’t want to be identified given the sensitivity of the issue, at the Wadia Institute of Himalayan Geology, one of the autonomous research institutes funded by the DST.
Another proposal in the scheme that hasn’t gone down well is to have independent experts from other institutions rate scientists, which, the formulators of the scheme say,will help remove bias and infuse transparency in the rating system, said a DST official familiar with discussions on the scheme.
Moreover, the scheme is expected to be budget-neutral, meaning no extra funds will be provided. “Finance committees are extremely tight anyway. So obviously the extra money will come from cuts in laboratory tests, and stricter controls in procuring equipment,” the scientist from the Wadia institute added.
The department currently plans to allot Rs60-70 crore in the first phase, beginning this year.
However, many scientists seem to be receptive of performance incentives, as the only way they can hope for substantial increments is to get promoted.
In government labs, scientist grades vary from A to G, the latter being the highest, and on an average it takes about 20 years to go from A to G.
“I think it would be welcome. Even at F and G, pay hikes are not substantial. There are more perks like allowances for subscribing to journals, and increased funds for attending international conferences,” said Madhavan Rajeevan, a scientist at the Indian Space Research Organisation and formerly with the India Meteorological Department, which follows a pay structure similar to DST.

Saturday, October 4, 2008

UGC Pay Review Committee submits report

The University Grants Commission-appointed pay review committee, headed by Prof G K Chaddha on Friday recommended over 70 per cent pay hike with additional allowances and new positions to academics in the higher education sector. It also recommended 65 years as the retirement age, which can be extended up to 70 years.

The committee submitted its report to UGC Chairman Prof Sukhadeo Thorat. UGC will meet on October 7 and 8 to accept the recommendations.

According to the committee’s recommendations, at the entry level, a faculty member will join as an assistant professor, not as a lecturer as earlier, and his new pay band will be between Rs 15,600 to Rs 39,100. The teacher at the entry level will be entitled to a grade pay of Rs 6,600. At present, a lecturer’s pay scale is between Rs 8,000 to Rs 13,500.

A teacher will be entitled for annual increment of three per cent of the basic salary with compounding effect. Certain teachers with good performance record will be eligible for four per cent annual increment.

Similarly, the committee has recommended a new band pay of Rs 37,400 to Rs 67,000 for professors against the existing scale of Rs 16,400 to Rs 22,400.

“We have recommended more than 70 per cent hike in the scale of pay for various posts. For certain posts, the proposed hike is more than 90 per cent,” Chadha said.

The hike, if implemented, would benefit more than five lakh teachers in over 400 universities and over 6,000 colleges in the country.

The report says a vice-chancellor will get a fixed amount of Rs 80,000 per month against the present package of Rs 25,000. The committee has also recommended introduction of new ranks like senior associate professor, senior professor and professor of eminence.

Professors of eminence are expected to be experts on their subjects and their package will be at par with that of the vice-chancellors.

At the college level, a principal will be at par with a professor, and draw a salary of Rs 37,400 to Rs 67,000 per month against the current salary of Rs 12,000 to Rs 22,400, he said. The recommendations will also cover librarians and director (physical education).

The committee has suggested an academic allowance of Rs 1,500 per month in addition to house rent, transport, special duty, traveling and medical allowances.

He said the recommendations should be implemented in toto with effect from January 1, 2006. However, allowances excepting DA will be admissible with effect from September 1, 2008, he said.

A. POSTS SPECIFIC TO UNIVERSITIES

CATEGORY

EXISTING PAY SCALE

NEW PAY BAND

GRADE PAY

1

Assistant Professor

8000- 275-13500

15600 – 39100

6600

2

Assistant Professor

(Senior Scale)

10000 – 325 – 15200

15600 – 39100

7200

3

Assistant Professor

(Selection Grade)/

Associate Professor

12000 -420 – 18300

15600 - 39100

8000

4

Professor

16400-450-20900-500-22400

37400 - 67000

11000

5

Senior Professor

New Post Proposed

37400 - 67000

12000

6

Pro-VC

18400—500-22400.

37400-67000

Plus 4 Adv increments

12000

7

Professor of Eminence

New Post Proposed

80000 (fixed)

Nil

8

Vice – Chancellor

25000 (Fixed)

80000 (Fixed)

Nil

9

Librarian/Director of PE

16400-450-20900-500-22400

37400-67000

11000

10

Deputy Librarian/Deputy Director of PE

12000-420-18300

15600-39100

8000

11

Asstt. Librarian (Sr. Scale)/ Asstt Director of PE (Sr. Scale)

10000-15200

15600-39100

7200

12

Asstt Librarian/

Asstt Director PE/Sports Officer/Physical Instructor

8000-275-13500

15600-39100

6600

B. POSTS SPECIFIC TO COLLEGES

1

Assistant Professor

8000- 275-13500

15600 – 39100

6600

2

Assistant Professor

(Senior Scale)

10000 – 325 – 15200

15600 – 39100

7200

3

Assistant Professor

(Selection Grade)/

Associate Professor

12000 -420 – 18300

15600 - 39100

8000

4

Senior Associate Professor

New Post Proposed

37400 – 67000

8700

5

Professor in PG Colleges

New Post Proposed

37400 - 67000

11000

6

a. Principal of UG College

b. Principal of PG College

12000-18300

16400-450-20900-500-22400

37400-67000

Plus 2 Adv increments.

37400-67000

Plus 2 Adv increments

8700

11000

7

College Librarian /

Director of PE/

Sports Officer/ PI

8000-13500

15600-39100

6600

8

College Librarian/

Director PE (Senior Scale)

10000-15200

15600-39100

7200

9

College Librarian(S.G)/ Director of Physical Education (SG)

12000-18300

15600-39100

8000

10

*Senior College Librarian (Selection Grade)Senior College DPE (Selection Grade)

New Post Proposed

37400-67000

8700

* The eligibility condition for promotion for this position may better be decided by the UGC in consultation with the special committee heading by a Senior Professor of Library / senior professor of Physical education

Thursday, October 2, 2008

Pay review panel set up for IIT, IIM faculty

The faculty members of central technical institutions like IITs and IIMs can hope for a better pay package soon with the government setting up a committee for review of their salary and emoluments.

The committee is headed by former director of Indian Institute of Sciences, Bangalore, Prof Govardhan Mehta.

"The committee will make a comprehensive study of the 6th pay commission recommendations. It will speak to the faculty members of the IITs, IIMs, IIITs and NITs and consider their views and recommend an ideal pay package for the faculty members in these institutions," a senior official in HRD Ministry told PTI.

The committee has been given three months time to complete the report, so that the government could implement it before the general elections.

Wednesday, October 1, 2008

Armed forces to get revised pay from November only

The 1.5-million personnel of the armed forces will not be a happy lot this festive season, as their revised pay scales are expected to be paid only in November.
They will take home, salaries under the old pay scales this month, but would get a part of the 40 per cent arrears under the 6th Central Pay Commission (CPC) that would bring some cheer before Eid, being celebrated tomorrow, and Diwali later this month.

The defence personnel's 3.5 million civilian counterparts would go home with lot of plans to celebrate, as they got an increased pay under the new scales this month.

The new CPC scales came into retrospective effect from January 1, 2006.

The government has already announced that it would paid out a part amount of the 40 per cent arrears to the armed forces, following the forces submitting their CPC salary vouchers.

The defence chiefs had accepted the new "discriminatory" pay scales, after prolonged protest by refusing to implement the Cabinet decision, with Defence Minister A K Antony talking to Navy chief Admiral Sureesh Mehta, IAF chief Air Chief Marshal F H Major and Army chief General Deepak Kapoor.

Prime Minister Manmohan Singh also set up a three-member ministerial committee headed by External Affairs Minister Pranab Mukherjee, with Antony and Finance Minister P Chidambaram as members, to consider the defence personnel's pay-related grievances.
Source : PTI