7th Pay Commission Latest News – Minister’s reply on financial outgo and implementation Date

In the event of 7th Pay Commission implementation in 2016-17, additional burden to exchequer would be Rs 1.02 lakh crore, which is 0.7 per cent of GDP 7th Pay Commission Latest News – Minister’s written reply in Parliament on financial outgo and implementation Date – Minister also confirms recent release of additional DA has no impact on the recommendation of 7th Pay Commission 7th Pay Commission...

Changes in National Pension System (NPS)

Changes in National Pension System (NPS) The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the subscriber covered...

FM: Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector

FM: Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector The Union Finance Minister, Shri Arun Jaitley said that the Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of...

7th Pay Commission – Indian Army Chief and his Counterparts in the IAF and the Navy will draw more salary than the top General and Equivalent in the US based on Purchasing Power Parity (PPP)

If the recommendations of the 7th pay commission are implemented, the Indian Army chief’s annual salary will jump to $189,482 (in PPP terms), almost $8,000 more than what a general and equivalent ranks draw in the US. The huge salary hikes will apply equally to civilian officers too. 7th Pay Commission – These conclusions are, however, equally applicable to civilian employees of the government...

7th Pay Commission award to put extra burden of Rs 1.02 lakh crore in FY 16-17

7th Pay Commission award to put extra burden of Rs 1.02 lakh crore in FY 16-17 Implementation of 7th Pay Commission award is estimated to put an additional burden of Rs 1.02 lakh crore, or 0.7 per cent of GDP, on the exchequer in 2016-17, government said today. The implementation of recommendations of the 7th Pay Commission, however, would be after approval of the Cabinet on completion...

Unions to protest lowering provident fund interest rate on Apr 29

Unions to protest lowering provident fund interest rate on Apr 29 Trade unions today gave call for day-long nationwide protest on Friday against Finance Ministry’s decision to fix 8.7 per cent interest rate for provident fund subscribers, lower than 8.8 per cent decided by the EPFO. “While condemning such arrogant anti-worker approach of the government, the central trade unions call upon...

Jharkhand hikes Dearness Allowance (DA) by 6%

Jharkhand government increased the dearness allowance (DA) of its employees by six per cent. The decision, which was taken at the cabinet meeting chaired by Chief Minister Raghubar Das, would be applied retrospectively from January 1 this year. The cabinet also approved introducing Centre’s ‘Pradhan Mantri Fasal Bima Yozana’ in the state. It also gave nod to setting up dialysis centres through...

7th Pay Commission – Government Plans to axe 52 out of 200 allowances

Besides recommending that 52 allowances be abolished, the 7th pay Commission suggested that another 36 be subsumed in an existing allowance or in new allowances it proposed. 7th Pay Commission – Government Plans to axe 52 out of 200 allowances – The 7th Pay Commission found inadequate the justifications offered by the Ministries for these allowances. Secret allowance, family planning allowance,...