New Series for Revision of Base of CPI(IW) launched

New Series for Revision of Base of CPI(IW) launched

New Series for Revision of Base of CPI(IW) launched
CPI – Industrial Workers

BASE YEAR UPDATION OF CONSUMER PRICE INDEX NUMBERS FOR INDUSTRIAL WORKERS (CPI-IW)  2013-14=100

Background of CPI-IW series:

The CPI-IW series on scientific lines was first introduced with base 1960=100 which was based on the results of Family Living Survey conducted in 1958-59 at 50 industrially important centres. The series was then, updated on base 1982=100 and a revision in 1999-2000 has further updated the base on 2001=100. The current series of CPI-IW  with base year 2001=100 covers 78 industrially important centers spread across the country.


Need for Base Updation:

The consumption pattern of the working class population undergoes change over a period of time and therefore, it becomes necessary that the consumption basket is updated from time to time to account for these changes and to maintain the representative character of the index. The need for frequent revision of base on account of fast changing consumption pattern of the target group has been recommended by International Labour Organisation, National Statistical Commission, National Commission on Labour and also Technical Advisory Committee on Statistics of Prices and Cost of Living. Also this recommendation was strongly reiterated by the Index Review Committee set up under the Chairmanship of Prof. Chadha which inter-alia stated that the intervening gap between the two series should not exceed 10 years. Labour Bureau accordingly, has proposed to revise the base year of the existing CPI-IW series 2001=100 to a more recent base year preferably, 2013-2014=100.

Scope and Coverage

The current series of CPI-IW with base 2001=100 was constructed on the basis of employment data in seven sectors namely, Registered Factories, Mining, Plantations, Ports & Docks, Public Motor Transport, Electricity Generation & Distribution Establishments and Railways sector. The current series comprises of a basket of about 370 items and 289 price collection markets spread across 78 centres of the country. In the existing series, the Working Class Family Income & Expenditure Survey was conducted during 1998-99 by the NSSO and a sample size of 41040 family budget schedules and 15960 house rent schedules (i.e. about a total of 57000 schedules) were canvassed from 78 industrially important centres of the country. The price collection work was done by the Labour Bureau and the main survey work of income & expenditure data collection was conducted by NSSO.

In line with the recommendations of Index Review Committee (IRC), the possibilities of extending the  scope of the new series to two more additional sectors i.e. Handloom and Construction sectors are being considered. However, Labour Bureau expects an increase in the number of centres from existing 78 centres to around 88-95 centres approximately. Consequently, the total number of family budget enquiry schedules and house rent schedules to be canvassed would increase to 70,000 schedules approximately.

Committees

i) Standing Tripartite Committee

The Index Review Committee (IRC) headed by Prof. G.K. Chadha recommended for constitution of a Standing Tripartite Committee (STC) of all the stakeholders.  Accordingly Ministry of Labour & Employment constituted a Standing Tripartite Committee (STC) vide order No. Y-12011/5/2010-ESA(LB), dated 12th January, 2011.

The Terms of Reference of the STC formed are as follows:

The Standing Tripartite Committee will               

{i}       examine the various aspects of the base year revision of Consumer Price Index Number Series for Industrial Workers {CPI-IW} including the selection of Centres, sample size, sampling design, methodology for deriving the weighting diagram and linking factor;

{ii}      examine the method of price collection procedures and machinery of price collection;

{iii}     examine the centre specific weighting diagrams for all the centres, selection of base year, compilation of base year prices, trial indices; and

{iv}     consider any other relevant issue{s}/matter as may be necessary.

Secretarial assistance to the Standing Tripartite Committee will be provided by the Labour Bureau, Ministry of Labour.  The Committee may also enlist the assistance of subject matter experts within and/or outside the Government and may co-opt members according to necessity.

Source: http://labourbureau.nic.in/CPI_IW_New_Series_2013.htm

INTUC Resolution on early setting up of the 7th Pay Commission

INTUC Resolution on early setting up of the 7th Pay Commission
Resolution on appointment of the 7th Pay Commission

The delegates’ conference of INTUC adopted a resolution on appointment of the 7th pay commission in its 30th Plenary Session held in Raipur, Chhattisgarh. Since it is one of the major Central Trade Unions in India, the resolutions which are adopted in its conference will be given national importance and it would be taken up seriously by the Central Government. As the INTUC is the labour wing of Congress Party, it is expected that the demands made by the INTUC will be considered favorably by the Government. The resolution on appointment of the 7th Pay Commission is given below

Resolution on appointment of the 7th Pay Commission

The delegate conference of INTUC demands the central government of India to appoint 7th pay commission without any delay.

The 6th central pay commission has recommended a new concept of Pay Band and Grade Pay as replacement to the 5th CPC pay scales/pay structure, which was accepted by the government. Consequently the revised Pay Band/Grade Pay was implemented with effect from January 1, 2006.

In the case of central public sector undertakings, the wages are invariably revised once in five years. The 5th cpc, in the case of central government employees, had recommended that the wages should be revised at least once in 10 years. The degree of inflation in economy determines the pace of erosion of the real value of wages. However this factor was never taken into consideration while determining the wage structure. It is however acknowledged that there has been DA compensation for the central government employees which does not compensate the actual erosion of wages in terms of actual cost of living.

The Government of India should take necessary measures to control the inflation in the essential commodities so that the state/central government employees and general public can maintain their living standard, as they are passing through severe hardship to meet both the ends. It is the general practice that after every 10 years, a new Pay Commission is appointed to examine the economic conditions of the government employees. In the larger interests of the state and central government employees, it is required to appoint the 7th Pay Commission to revise the wages and other benefits in the light of prevailing economic conditions.

The INTUC delegates’ conference earnestly appeal to the government of India to appoint the 7th Pay Commission immediately, so that employees can maintain their living standards intact in the face of steep inflation.

Source: http://www.gservants.com

Upgradation the grade pay of LDC & UDC: AIAMS writes explanatory letter to NAC & other Sister Association

Upgradation the grade pay of LDC & UDC: AIAMS writes explanatory letter to NAC & other Sister Association

ALL INDIA ASSOCIATION ADMINISTRATIVE STAFF (NG)
MINISTRY OF STATISTICS & PROGRAMME IMPLEMENTATION
GOVERNMENT ON INDIA

NSSO (FOD), Hall No. 201 & 205, Vijay Stumbh,
Zone I, Maharana Pratap Nagar,
No. 4/GS/2013
Bhopal, 06/09/2013

Sub: Revision of Grade Pay of LDC to Rs. 2400/ and that of UDC to Rs. 2800/-request for your personal intervention for getting a favorable decision.

Dear Sir,

At the outset I would like to introduce me as TKR Pillai, General Secretary, All India Association of Administrative Staff (Non Gazetted), Ministry of Statistics & Programme Implementation, Government of India.  This Association had written a letter to the Hon’ble Prime Minister to apprise him of the pathetic conditions of LDC & UDC working in the Central Government Offices and request his office’s intervention on the matter (Copy enclosed in annexure 2 to VIII). While taking action on the said letter DoPT has identified the LDC/UDC issue as anomaly and the case has been sent to JCA for action (copy enclosed in annexure I).

Earlier, the matter was raised in the National Executive Meeting of the Confederation of Central Government Employees and Workers by the undersigned and according to a decision taken in the meeting Shri S.K. Vyas, President Confederation and Member National JCM & NAC had put up the item in the National Anomaly Committee. Unfortunately, this most important issue has not been taken up for discussion in the forum so far.

1. Why the LDC & UDC case become anomaly?

Sixth Pay Commission has denied an appropriate pay structure to the LDC & UDC of Government of India Offices in the light of raising the academic and technical qualification and responsibilities assigned. The officials in these cadres are initiating the official work and made responsible for smooth functioning of the offices, have been granted a simple replacement grade pays. In fact the Grade Pay granted to the post of LDC is only Rs.1900 which is just Rs.100 more than the grade pay of MTS, i.e. Rs.1800/-.  In the mean time the academic & technical qualifications to get selected to the post of LDC have been raised. On the other hand, the Pay Commission has recommended the merger of various group D posts and upgraded their grade pay from Rs. 1400 to Rs.1800 and also given them additional benefit of 3 MACPs to the merged posts. Moreover, all the pre-revised pay scales above UDC -from Accountant to Assistant Administrative Officer- have been merged and granted Rs. 4200 -4600 grade pay.

1.1  Duties/responsibilities assigned to the LDCs in the Non CSCS office:

As per the Staff Selection Commission notification Lower Division Clerks are entrusted with routine nature of work, for example registration of Dak, maintenance of section diary, file register, file movement  register, indexing and recording of files, typing, comparing, dispatch, preparation of arrears and other statements etc.

Whereas in practice,  most of the Non CSCS office (where total staff strength is not more than 100) has been allocated with average one Administrative Officer, 1-2 Assistants, two UDC and 3 to 4 LDC.

(A) And in a normal Non CSCS office, it has 5-6 major sections which could only be allocated to UDC & above as per the DoPT guide lines, viz.
(i)   Accounts Section-I (where, various payments are processed and released, Income Tax, Budget,  NPS, monthly Expenditure Statement, reconciliation are done),
(ii) Store & purchase Section,
(iii) Establishment Section (where service records, leave and other personal matters are processed),
(iv) Bill Section, where various kind Bills have been scrutinized for passing etc.
(v)  RTI, Court Cases, handling of Audit Para etc.

(B) In addition there are other sections viz.

(i)Accounts/Cash Section-II(to Assist the Accounts Section I in discharging their day to day duties, disbursement of cash and maintenance of related registers, cheque books, postage stamps etc), (ii)Dispatch & Diary, (iii)loans & Advance, (iv)typing, maintenance of library, file register, file movement  register, indexing and recording of files, comparing, preparation of arrears and other statements etc.

Since the number of UDCs sanctioned is much lesser than the actual requirement, LDCs are posted in the major section as given under ‘A’ above. Thus in contrary to the nature of duties of LDC as given in the DoPT manual as well as the Staff Selection notification the quality and quantity of work done by the LDC & UDCs are much higher in these offices. The officers are only taking decision on the file put up by the LDCs/UDC on all the matters.

1.2 Position in Indian Railways:

In Railways also, the Junior Clerk & Senior Clerk are even used to allocate the duties identified for the post of OS-II/Head Clerk and made them responsible for the area of work assigned. Junior clerks are allocated route administrative matters/independent section wherein noting drafting, typing in computer etc are involved. The young, dynamic persons with reasonable academic and technical qualification join on the post of Junior Clerk are capable to take up any kind of assignment and the administration identifies the capabilities of these young chaps and allocates work with higher responsibilities accordingly. Some instances of work allocated to them are as follows –

(1) Preparation of staff muster roll and sending it for salary payment to staff. (2) Issue of Pass/PTO/MCTO etc. (3) Dealing with Railway Quarters & House Rent Allowance case. (4) Issue of Medical card/Identity card etc. (5) Keeping up date knowledge of Railway Establishment Serials/Rulings. (6) Matters related with training, Joining, Transfer, Promotion, Retirement etc. (7) Monitoring of Stock & Non-stock, Requisitions related to Store section and Rolling stock section. (8) Ensuring all the records related to Stores & Establishment Section. (9) Monitoring & processing of challans, Condemnation. (10) Dealing with cases related to PNM Items, D&A cases, Court cases, Inspection Notes, Theft Cases, IOD Cases, & Stock verification (11) Different works of technical data entry and computer related work

1.3 Data Entry Operator (DEO) & LDC

In accordance with the recommendation of 6th Pay Commission, Government India has raised the academic qualification from Matriculation to 12th class pass or equivalent and technical qualification of typing from manual typewriter to sophisticated computer for getting selected to the post of LDC through Staff Selection Commission. It is to be noted that typing on computer is far different from the typing on typewriter because for typing on computer one should have the knowledge of the operation of computer for which one required to undergo a computer diploma programme.

The academic qualifications required for both LDC & DEO are the same i.e. 12th class pass or equivalent. As regards the technical qualification the candidate appearing for the post of LDC requires 10500 KDPH/9000 KDPH English and Hindi typing respectively on computer whereas the candidate appearing the DEO requires 8,000 KDPH on Computer. But the grade pay granted/fixed for the post of LDC is 1900 and the same for DEO is 2400. Moreover, the DEO has only to entry the readymade data given to them whereas the LDCs have to create data/draft letters and then to type on computer, putting up the matter through file note with justification with the support of rules and procedure.  Thus LDC does more work in qualitatively and quantitative terms with less grade pay than that of the DEO.

1.4 LDC & MTS

Even though the raising of academic qualification of MTS from 8th Standard to Matriculation, duties prescribed for the earlier Group D and the present MTS are the same.

Whereas the academic & technical qualification of the LDC have been upgraded and assigned heavy responsibilities on them by the office concerned. Majority of the persons selected for the post are graduates and even post graduates and qualified to handle any kind of assignment. The job profile of the post has undergone significant changes after introduction of modernization in Government offices. Now, computers have taken the place of typewriters.

During the 5th Pay Commission, pay scale S-1 to S-4 were granted to the group D posts and pay scale S-5 was granted to LDC i.e. one step above than the pay scale of the Group D posts which never crossed over the pay scale of LDC. In the 6th Pay Commission the pay band of MTS (formerly group D), LDC & UDC are same and Grade pay of LDC is 1900/ and that of MTS through MACP is 2400/.

2. Massive support from web sites publishes Central Government Employees’ issues:

Meanwhile, various web sites which are exclusively  publish the issues of the Government Employees’ have given enormous support on the upgradation of the grade pay of the LDC & UDC and  published all important correspondence in this connection. Hundreds of LDC and UDCs and other central Government employees registered their comments in support of the issue in these web sites.

3. Upgradation of the Grade Pay of LDC/UDC by the Rajasthan/Punjab/.Himachal Pradesh & Haryana Governments:

Rajasthan government had set up Shri Govind Sharma committee to study the upgradation of the grade pay of LDC & UDC. Following a very positive recommendation from the Committee the Rajasthan Government has raised the grade pay of LDC and UDC from the Rs. 1900 & 2400 to 2400 and 2,800 respectively. Also the names of posts 'Lower Division Clerk' and 'Upper Division Clerk’ have been changed as ‘Clerk grade-II' and 'Clerk grade-I' respectively. Similarly, the Punjab, Himachal Pradesh and Haryana Government have reportedly upgraded the grade pay of LDC & UDC.

4. Conclusion

Sir, while taking up this issue, I have got tremendous response from LDC UDC as well as  other sections of the various central Government Departments including Railways and Defense. Dozens of phone calls, e-mail and letter through post are being received on daily basis in support of the demand.

Each and every one who has written me had emphasized that Government of India Offices especially the subordinate offices are functioning smoothly virtually due to the fact that LDCs & UDCs are shouldering heavy responsibilities. But the Pay Commission has not considered equal pay for the work done by them. This has been a demoralizing effect on the already   desperate young and talented cadre in the Government offices.

From the above it is evident that the upgradation of the grade pay of LDC & UDCs is a genuine issue. We, therefore, justifiably request you to put a case for revision of Grade Pay of LDC to Rs. 2400/ and that of UDC to Rs. 2800/. It is to be noted that cases of several cadres in the Administrative branch were considered and favorable decision was taken by the 6th CPC but the case of LDC & UDC were left out. The LDC and the UDC also deserve higher grade pays than the present one, to commensurate with the qualifications and assignments attached to these posts after the implementation of the recommendations of the 6th Pay Commission.

I conclude this letter with two comments among the hundreds of comments written in favour on various web sites as follows.

            (1) “Whether letter sent to the DOPT regarding the upgradation of grade pay of LDC and UDC will be considered or not. We are poor LDC and UDC. Nobody has time to understand us. Everybody tries to have best of comforts, income and all other facilities to the higher class of employees. The lower levels of employees are doing hard works. Among them there will be graduates and postgraduates along with few numbers of SSLC or Plus Two or pre-degree qualified. But whatever may be the qualification of the higher class, whether SSLC or PDC or Plus Two, there is no problem. Everybody will get enough. But in the case of LDC and UDC they have to suffer a lot- A lot of financial burden. Try to make awareness among the high powered DOPT about our problems”.

(2) “Many many thanks for your kind efforts taken for the betterment of the Clerical Staff working in the Sub-ordinate Offices of the Govt. of India. The GOI's stepmother treatment towards the Clerical Staff working in the Sub-ordinate Offices must be stopped. There should be parity between the CSCS & the Clerical Staff working in the Sub-ordinate Offices of the Ministry. We have seen that the Govt. has wisely protected the CSCS by implementing NFSG Scheme & Cadre Restructure after the VIth CPC. But the same procedure has not been extended to Sub-ordinate services. Once again many many thanks Sir.”

In view of the above, we seek your kind personal intervention for getting a favorable decision to revise the GP at Rs. 2400/ and 2800/ respectively to LDC & UDC.

Thanking you

Yours Sincerely
Encl: As above
(TKR Pillai)
General Secretary
Mob. No. 09425372172

Source: http://aiamshq.blogspot.in/

INTUC Resolution on Merger of 50% DA with Pay

INTUC Resolution on Merger of 50% DA with Pay
Merger of 50% DA With Pay

The 30th Plenary Session of Indian National Trade Union Congress INTUC was held in Raipur from 06.09.2013 to 09.09.2013.  There are 4 solutions, which are considered to be very important are adopted in this Conference. One of the four main resolution is Merger of 50% DA with Pay for central government employees. So the INTUC urges the central government to consider the demand  and accord sanction for merging 50% DA with pay. The Resolution On Merger Of 50% DA With Pay which has been adopted in 30th Plenary Session of  INTUC held in Raipur from 6-9-2013 to 9-9-2013 is given below

Resolution On Merger Of 50% DA With Pay

The Wage structure revision for Central Government employees had been enquired into by the successive pay Commission appointed by the Government of India during the past decades and gave their reports. The Government had considered the reports and decided for implementation with certain changes and improvements.

The previous pay Commissions (3rd,4th,5thand 6th ) have ,by and large, covered the aspects of the principle of wage determination . But however the job contents, remuneration commensuration with the nature of duties and responsibilities have not been taken into consideration by the pay Commissions while determining the revised pay structure, consequently the railway men have been put into disadvantage.

The 5th CPC had recommended that the DA must be merged with pay and treated as pay for computing all allowance as and when the percentage of dearness compensation exceeds 50%. Accordingly even before the setting up of 6th CPC, the DA of 50% was merged with pay.

Presently, the dearness compensation is 80% as on 1st January, 2013, while the DA had crossed 50% of pay as on 1st January, 2011.The demand for merger of DA to partially compensate the erosion in the real wages was first mooted by the Gadgil Committee in the 2nd pay Commission period. The 3rd CPC had recommended such merger when the cost of living Index crosses over 272 points i.e. 72 points over and above the base index adopted for the pay revision. In other words, the recommendation of the 3rd CPC was to merge the DA when it crossed 36%. The Government in the national Council JCM at the time of negotiation had initially agreed to merge 60% DA and later the whole of the DA before the 4th CPC was set up. The 5th CPC had merged 98% of DA with pay.

As the DA already stood at 80% of Pay and another installment is expected to be granted w.e.f. July, 2013 which may cross 90%,it is necessary that the Government takes steps to merge 50%DA with pay for all purposes for the year 2013 for ensuring compensation to the erosion of value of real wage of government employees.

The Plenary Session of INTUC therefore urges upon the Government of India to consider the demand and accord sanction for merging DA component i.e. 50% of DA with pay for all purposes.

Source: http://www.gservants.com

Identification of Pensioners Associations under the Pensioners' Portal

Identification of Pensioners Associations under the Pensioners' Portal

 F.No.55/12/2013·P&PW(C)
Government of India
Department of Pension & Pensioners' Welfare
3rd Floor, Lok Nayak Bhawan, Khan Market, New Delhi
************

    Identification of Pensioners Associations under the Pensioners' Portal - A Mission Mode Project under NeGP.

A Mission Mode Project Pensioners' Portal, under NeGP entrusted to Department of P&PW aims at the welfare of Central Civil Pensioners across the country. Its specific objective is to facilitate redressal of Pensioners grievances and provide detailed information, guidance etc. on pension and other retirement related matters through various stake holders. The project envisages inter-alia association of registered Pensioners Associations of Central Government Employees and other welfare organizations in the implementation process.


Under the above project this Department has already identified 30 Pensioners Associations on the basis of the following criteria. These Associations are given one time hardware/software and Grant-in-Aid up to Rs.75,000/- per annum to participate in the implementation of the scheme to defray expenses on certain approved components such as telephone/internet connection, stationary etc.

This Department now intends to identify about 20 more Pensioners Associations in a phased manner i.e. 10 Pensioners Associations during 2013-14 and further 10 Pensioners Associations during 2014-15 from various States. Preference will however be given to Central Government Pensioners Associations from the unrepresented States, which are Himachal Pradesh, Goa, North Eastern State (except Assam) and Union Territories, looking after the welfare of Civil/Railways/Defence pensioners. The Central Government Pensioners Associations desirous of getting identified under the Pensioners Portal may send their details as indicated below alongwith copies of relevant documents with reference to above criteria alongwith a write up on their vision/ plan to work towards welfare of Central Government Pensioners to Department of Pension and Pensioners Welfare at the address given above within 30 days from date of publication of advertisement in newspapers. Super scribing - "Identification under Pensioners Portal"

(a) Name of Pensioners' Association with Address etc.
(b) Date of Registration/ incorporation
(c) MOA& rules, if any
(d) Objectives of the Association
(e) Sources of funding
(f) Total membership of the Association
(g) Audited Accounts for last 3 years
(h) Annual Activities Report for last 3 years
(i) Publication/journal details
(j) Composition of General Body
(k) No of General Body Meetings held
(1) Premises (whether hired or owned) by the Association
(m) Infra-structural details
(n) With whom the Association interact frequently

(Tripti P. Ghosh)
Director (PP)

Source: http://pensionersportal.gov.in
[http://ccis.nic.in/WriteReadData/CircularPortal/D3/D03ppw/PA_090913.pdf]

New Pension Bill, PFRDA Bill, 2011: Frequently Asked Question (FAQ)

New Pension Bill, PFRDA Bill, 2011: Frequently Asked Question (FAQ)
Frequently asked questions about the new Pension Bill, PFRDA Bill, 2011, are given below.

1. What does the new pension law do?

      The PFRDA Bill, 2011, (proposed to be enacted as a law) provides for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.
    An Interim Authority has already been created vide Govt Resolution dated October 10, 2003, and November 14, 2008, and is fully functional. The passage of the bill will confer statutory status to the Interim PFRDA to develop and regulate National Pension System (NPS) earlier known as New Pension Scheme.



2. What is NPS ?

      The National Pension System reflects (NPS) Government’s effort to find sustainable solutions to the problem of providing adequate retirement income.
    The NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account and also his employer can also co-contribute for the social security/welfare of the individual.
    The NPS is designed on Defined contribution basis wherein the subscriber contributes to his account, there is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from investment of such wealth.
    Eventual pension wealth is based on the level of contributions made over the years, the charges (administrative and fund management) deducted from the funds and the returns achieved by the investment fund (pension fund managers) used over a period of time during the accumulation phase in the NPS.
    The greater the value of the contributions made, the greater the investments achieved, the longer the term over which the fund accumulates and the lower the charges deducted, the larger would be the eventual benefit of the accumulated pension wealth likely to be.


3. Why should one subscribe to a pension fund?

      Pension ensures that a person has steady and adequate financial security during his old age, even after he has retired from employment or his earning capacity has extinguished/decreased.


4. What does the pension bill propose?

      The PFRDA shall administer the NPS for subscriber’s interest in accordance with the provisions of the PFRDA Act and the rules and regulations framed thereunder. The Authority has the mandate to regulate all other pension funds (other than the NPS) which are not regulated by any other enactment.


5. Is it compulsory?

      The NPS is compulsory in respect of persons appointed to public services in connection with the affairs of the Union, or to All-India Services, on or after 1-1-2004. It is also compulsory in case of employees of Central Autonomous bodies.
    The NPS is also applicable in respect of employees of various state governments and its autonomous bodies, who have joined the NPS and in respect of whom, such state governments have extended the NPS based on the notifications issued by such states.
    The NPS is voluntarily extended to the citizens of India w.e.f May, 2009, who may choose to be covered under the NPS. The NPS has also been extended to various corporates, who may choose to provide the scheme to their employees on a voluntary basis.


6. When was it first introduced?

      The PFRDA Bill 2005 was introduced in Lok Sabha in March, 2005, but could not be considered and passed due to dissolution of 14th Lok Sabha. Earlier, the PFRDA Ordinance 2004 was promulgated on December 29, 2004, which lapsed on April 7, 2005.


7. Can one decide how much on ones savings should go into stocks and how much in debt?

      Presently, in respect of government employees, the investment choice in asset class E (Equities), asset Class C (Corporate Debts) and Asset Class G (Government Securities) is in accordance with investment pattern contained in Ministry of Finance notification No. F. No. 5 (88)/2006 –PR.— dated August14,  2008. For others different schemes are applicable based on the choice exercised by the subscriber.


8. If stock prices crash, will pension be affected?

      The rate of return and NAV (Net Asset Value) of the subscriber will be susceptible to market risk.


9. Can one choose the stocks in which pension fund will put the money?

      Pension Fund Managers based on their expertise will choose the stocks for investing the collective monies of the subscriber (under full disclosure to the NPS Trust). However, individual subscriber will not have the option of choosing a particular stock.


10. Can one withdraw money whenever one wants or only after one retires?

      The subscriber can exit from the NPS and withdraw the accumulated pension wealth in the following manner and no other exits or withdrawals are permitted presently:
        a. Upon attainment of age of 60 years   : At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of an annuity providing for the monthly pension of the subscriber and the balance is paid as a lump sum payment to the subscriber.
        b. Upon Death (irrespective of cause)   : The entire accumulated pension wealth (100%) would be paid to the nominee / legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.
        c. Exit from the NPS before attainment of age of 60 years (irrespective of cause):   At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of an annuity providing for the monthly pension of the subscriber and the balance is paid as a lump sum payment to the subscriber.


11. Can it help the industry?

      The industry can benefit by the availability of long term funds under the NPS, which may be deployed to build infrastructure. The industry can also provide the  NPS as an important social security scheme to the employees serving in such industries.

Source: http://english.manoramaonline.com

VRS applied officer should take decisions of sensitive nature with approval of next higher authority: CBDT

VRS applied officer should take decisions of sensitive nature with approval of next higher authority: CBDT

 An officer who has submitted, his/her application for voluntary retirement from service (VRS) should take decisions of sensitive nature, if any, with the approval of next higher authority. - CBDT

No. C-29016/43/2013 -Ad.VI(A)
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)

New Delhi, the 6th September, 2013

OFFICE ORDER

It has come to the notice of the CBDT that the officers, even after giving notice for VRS, continue to take decisions of sensitive nature. The Centeral Vigilance Commission(CVC) has taken a serios view of this practice. It is, therefore, decided by the Board that an officer who has submitted, his/her application for voluntary retirement from service (VRS) should take decisions of sensitive nature, if any, with the approval of next higher authority.


2. This issues with the approval of Chairperson, CBDT.

sd/-
(Raj Kumar)
Under Secretary to the Government of India

Source: http://irsofficersonline.gov.in
[http://irsofficersonline.gov.in/Documents/OfficalCommunique/196201355012.PDF]