Central Government Employees News :: Seventh Pay Commission

Amid reported differences between the ministries of labour and finance, the former today asserted that the decision of EPFO trustees would be "final and supreme" on whether a portion of Rs 5 lakh crore of provident funds should be invested in stock markets. The Finance Ministry wants the Labour Ministry to follow the investment pattern that is has notified, which provides for up to 15 per cent of the corpus in stock markets. "Central Board of Trustees (CBT) decision is final and supreme. We would go by that. This matter would be placed before trustees in their next meeting scheduled on September 10", Labour Secretary P C Chaturvedi told reporters at CII event. "We are careful in investing money of our workers. People call us very conservative, but paramount thing is safety of principal amount (deposits) of workers," he added. In a recent letter to Chaturvedi, Finance Secretary Ashok Chawla had referred to the changes by made in EPF schemes earli...

The Cabinet has cleared the Direct tax code and will be introduced in Rajya Sabha, and referred it to a select committee, during the monsoon session. The new provisions under the Direct Tax Code are as follows: Tax for income between Rs. 2 lakh - Rs. 5 lakh: 10% Tax for income between Rs. 5 lakh - Rs. 10 lakh: 20% Tax for income over Rs. 10 lakh: 30% The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh. Corporate tax has been kept at 30%. The new Code comes into effect from April, 2011. After the approval of the Cabinet, the decks are cleared for tabling the legislation in the Monsoon Session of Parliament so that the new Act ushering in reduced tax rates and exemptions may come into effect from next fiscal. When enacted, the Code will replace the archaic Income Tax Act and simplify the whole direct tax regime in the country. The Code aims at reducing tax rates, but expanding the tax base by minimising e...

The Income Tax Department will observe the second fortnight of August, 2010 as IT Refund period to solve the pending complaints of salaried tax payers up to the Assessment year 2008 – 2009. This IT Refund Fortnight will be observed all over Tamil Nadu from 16th August, 2010 to 31st August, 2010. IT officers will sit with the complainants and solve the problem. There are about 2200 complaints are pending with IT department related with the refund of excess tax they paid or deducted from their income. The salaried employees those refunds are pending should bring the original TDS certificate, Form 16, PAN card, TAN number, bank account details and current postal address etc., with them. You can view your status by log in to tin.nsdl.com

Just now All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 value has been released by Labour Bureau. The value of the index stands at 174 level, so in this situation, the Dearness Allowance for Central Government Employeeswill be rised 10% and total of 45% (35% + 10%). All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of June, 2010 increased by 2 points and stood at 174 (one hundred and seventy four).  During June, 2010, the index recorded an increase of 8 points in Varanasi centre, 6 points each in Quilon and Giridih centres, 5 points in 4 centres, 4 points in 8 centres, 3 points in 13 centres, 2 points in 17 centres and 1 point in 19 centres. The index decreased by 1 point each in Ludhiana and Ghaziabad centres, while in the remaining 12 centres the index remained stationary.  The maximum increase of 8 points in Varanasi centre is mainly due to increase in the prices of Rice, Wheat, Fr...

No.36011/6/2010-Estt. (Res.) Government of India Ministry of Personnel, Public Grievances and Pensions Department of Personnel and Training North Block, New Delhi- 110001 Dated the 26′th July. 2010. Subject:- Issue of instructions on Reservation for the Scheduled Castes, Scheduled Tribes and Other Backward Classes in services under the Government of India.          The undersigned is directed to refer to this Department’s O.M. of even number dated 25/6/2010 whereby a draft O.M. containing consolidated instructions on Reservation for the Scheduled Castes, Scheduled Tribes and Other Backward Classes in services under the Central Government was posted on this Department’s website for soliciting suggestations thereon by 12.7.2010. Several letters have been received requesting to extend the date for sending suggestions/ comments. The matter has been considered and it has been decided to extend the time period for sending comments...

The Pension Fund Regulatory and Development Authority (PFRDA) has allocated Rs 5,100 crore to pension fund managers this year, 38% more than last year’s Rs 3,700 crore. “This is because of the high number of subscribers, which is at 9.9 lakh currently,” Rani Nair, executive director of PFRDA said. The corpus mainly comprises contribution of central and state government employees. “Around Rs 5,000 crore is from the government and the rest comes from unorganised sector,” said Nair. The corpus under the New Pension System (NPS), introduced in 2004, is allocated to three fund managers —- SBI Pension Funds, LIC Pension Fund and UTI Retirement Solutions —- which started investment operations in April 2008. The highest allocation this year has gone to LIC Pension Fund (35%), followed by SBI Pension Funds (33%) and UTI Retirement Solutions (32%). “We follow a method of allocating on the basis of pervious year’s performance. Marginally, they (LIC Pension) were better than the others,”...

If all goes well, the higher education female teachers in the state will get two years paid child care leave. Also, for the first time the female teachers would get 180 days adoption leave on the lines of maternity leave in case they adopt a baby. The male teachers would also get 15 days paternity adoption leave. A provision of special casual leave to undergo sterilisation operation under family welfare programme will also be available to the teachers. These provisions are part of the new regulations on service conditions issued by the University Grants Commission (UGC). The new regulations have increased the maternity leave from 135 days to 180 days, which can be available twice in the entire career. There is also a provision of paid leave in case of miscarriage including abortion. However, what has been widely appreciated by the teachers is the provision of child care leave in which women teachers may be granted leave up to two years for taking care of their m...