Amendment to Revised Investment Guidelines for NPS schemes

Amendment to Revised Investment Guidelines for NPS schemes.

PF Regulatory and Development Authority has issued Amendment with effect from 01.04.2015 to revised investment guidelines for NPS Schemes Applicable to Government Sector, Corporate CG and NPS lite schemes of NPS

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

1st Floor, ICADR Building, Plot No. 6,
Vasant Kunj Institutional Area,
Phase – II, New Delhi – 110070

Circular

PFRDA/2015/12/PFM/06

Date: 31st March 2015

To,
All Pension Funds,

Subject: Amendment to Revised Investment Guidelines for NPS schemes.

The existing circular no. PFRDA/2014/02/PFM/1 dated 29-Jan-2014 on the subject Revision of Investment
Guidelines for NPS Schemes is amended as highlighted under:

Government Sector NPS Schemes (Applicable to Government Sector, Corporate CG and NPS lite schemes of NPS)

(ii) Debt Securities (Up to 40%)/ point (a) : Debt securities having a minimum residual maturity period of three years from the date of investment by the Pension Fund issued by Bodies Corporate including banks and public financial Institutions; Provided that the investment in this category is made in instruments having an minimum “AA” or equivalent investment grade rating from at least one credit rating agency regulated by SEBI, under SEBI (Credit Rating Agency) Regulation 1999. Apart from rating by an agency, PFMs shall undertake their own due diligence for assessment of risks associated with the securities before investments.
 
Private Sector NPS {Applicable to E (Tier I & II), C (Tier-I & II) and G (Tier I & II)}
C/ (ii): Credit rated debt securities with residual maturity of not less than three years from the date of investment, issued by Bodies Corporate including scheduled commercial banks and public financial institutions [as defined in Section 4A of the Companies Act] 1956, Provided that the investment in this category is made in instruments having an minimum “AA” or equivalent investment grade rating from at least one credit rating agency regulated by SEBI, under SEBI ( Credit Rating Agency ) Regulation 1999. PFM has to do his own due diligence too

2. The above stated amendments are applicable to the inflow of the fresh funds w.e.f. 01.04.2015.

3. All other extant investment guidelines to continue.

Sumeet Kaur Kapoor
(General Manager)

Source: PFRDA Circular

Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs)

Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs)

Railway Board Order: Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs)

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
RAILWAY BOARD

No. E(W)2007 PS 5-1/9

New Delhi, dated 31-03-2015

The General Managers (P)
All Indian Railways & Production Units

Sub: Extending the validity of full/half sets of Privilege Passes, Post Retirement Complimentary Passes, Widow Passes and Privilege Ticket Orders (PTOs).

Ref: Railway Board’s letter of even number dated 26.03.2012.

Standing instructions were issued vide Board’s letter cited under reference that the validity period of full/half sets of Privilege/Post Retirement/Complimentary/ Widow Passes and PTOs shall be one month more than the Advance Reservation Period (ARP), in general, from the date of issue. It further stipulated that if advance reservation period is reduced in future, the validity of Passes/PTOs will not be less than four months period.

Advance Correction Slip No.73 to the Railway Servants (Pass) Rules, 1986 (2nd Edition, 1993) was also issued. Based on the advance reservation period of 20 days which then came into effect in terms of Board’s Commercial Circular No.12 of 2012, the validity period of Passes/PTOs was advised to be increased to 5 months from 4 months. It was also stated therein that enhancing the validity period of passes and PTOs was to facilitate securing confirmed reservations on such Passes and PTOs.

2. While the ARP was reduced in 2013, the Railways have reduced the validity of Passes/PTOs to 4 months, in pursuance of above standing instructions. However, consequent to revision of ARP from 60 days to 120 days in terms of Board’s Commercial Circular No.11 of 2015 dated 27.02.2015, clarifications are being sought by some Railways on the date from which the validity of Passes/PTOs are to be increased to 5 months and also regarding the period of validity of year ending Passes/PTOs of calendar year 2014.

3. It is clarified that keeping the spirit of the instructions contained in Board’s letter cited under reference, Passes/PTOs should be issued one month before the ARP comes into effect so that confirmed reservation on such Passes/PTOs is facilitated. The Railways/PUs should, therefore, issue Passes/PTOs with revised validity period, as soon as effective date of ARP is advised by Traffic Commercial Dte. of Railway Board.

4. Regarding the validity period of year-ending Passes/PTOs, it is clarified that the same shall be as per the validity period admissible on 31st December of respective calendar year since year-ending Passes/PTOs are deemed to have been issued latest by that day. Accordingly, for the calendar year 2014, the validity period of Passes/PTOs shall be 4 months from 31.12.2014.

(Debasis Mazumdar)
Director Estt.(Welfare)
Railway Board

Source: http://www.indianrailways.gov.in/railwayboard/uploads/directorate/establishment/validity_Privilege_Pass_PTO.pdf

Payment of Dearness Allowance w.e.f.01.01.2015: BPMS writes to FM to declare DA to Central Government employees from Jan 2015

BPMS writes to FM to declare DA to Central Govt employees from Jan 2015

BPMS requests Finance Minister for Payment of Dearness Allowance to Central Government employees w.e.f. 01.01.2015

Bharatiya Pratiraksha Mazdoor Sangh
(An All India Federation of Defence Workers)

Ref: BPMS/MOF/DA/190(8/2/L)

Dated: 1.4.2015

To,
The Finance Minister,
Govt of India,
New Delhi.

Subject: Payment of Dearness Allowance w.e.f.01.01.2015

Hon’ble Sir,

With due regards, it is submitted that on the basis of Consumer Price Index for Industrial Workers, it has been the previous pratice of the Finance Ministry that it declares the Dearness Allowance upto the last week of March payable to Central Government employees with effect from 01st January of the year.

But this year the Ministry of Finance has not yet announced the rate of dearness allowance payable from 01.01.2015. This is not only creating financial hardships but creating discontentment amongst the employees also.

Therefore, you are requested to take appropriate action so that all the Central Government employees may get their legitimate justify of cuurent rate of DA without further delay.

Thanking you.

Sincerely yours,
sd/-
(M.P.Singh)
General Secretary

Minimum Wage Dr.Aykhrod Formula – Confederation needs proof of consumer prices from 8 Metro cities

Minimum Wage Dr.Aykhrod Formula – Confederation needs proof of consumer prices from 8 Metro cities
The list of consumer items is attached with this letter…

CONFEDERATION OF CENTRAL GOVT. EMPLOYEES & WORKERS
1st Floor, North Avenue PO Building, New Delhi – 110001
Website: WWW. Confederationhq.blogspot.com
Email: Confederationhq@yahoo.co.in

Patron S.K.Vyas 09868244035

President K.K.N.Kutty 09811048303

Secretary General M.Krishnan 09447068125

Circular No. 23/2013-16

Dated – 02.04.2015

Dear Comrade,

We invite your kind attention to the synopsis of the discussions the staff side had with the 7th CPC on 23rd and 24th March, 2015. You will notice there from that the discussions were cordial and the staff side had been able to present their case admirably well. You must have also noticed that the 7thCPC has categorically stated that they would go by Dr. Aykhrod formula in arriving at the minimum wage.

However, they were a little skeptical of the rates quoted by us. As you are aware we have taken the rates from the information we have collected through our units in the 8 Metro Cities. Since this is likely to be the bane of contention at the time of finalization of the report, we must be able to establish that the rates other than the one we had submitted is not acceptable to us being bereft of the benefit of retail prices ruling at the relevant point of time.

In order to bolster our argument, we would like our leaders especially in the following cities and in other places to purchase the following articles from a reputed Mall as also from a normal provision store with bills duly signed by the owners of the retail outlet and send over to the Confederation CHQ immediately. The bill should bear the signature, the rate per kg. and the signature or seal of the concerned establishment. Please treat this as most urgent and a task of serious nature for the rates adopted by the 7th CPC will have far reaching consequences if not contested at the appropriate time.

With greetings,

Yours fraternally,
Sd/-
(M. Krishnan)
Secretary General.

Rice/Wheat: Different qualities: Rate per kg. (Purchase the highest, lowest and middle rate quality items)
Dal: Toor, Moong, urid: May be different qualities are available. Purchase three qualities. The highest, lowest and the middle of each item. (Rate per kg.)

Raw vegetable: Mention the names of each item: rates must be per kg. Mention the names in Hindi and English.

Green Vegetable: Mention the names of each item : (rates per kg.) Please mention the Hindi and English names.

Other vegetables: per kg. rate: same as above. Mention the names in Hindi and English.

Fruits: Purchase variety of fruits: with names in Hindi and English: Different qualities: Quote rates per kg. (We shall take the average price at the end).

Milk: Purchase both from the Government owned outlets like Mother diary etc. as also from the private vendors. Quote the price per kg.

Sugar/Jaggery: Varied qualities may be available. If that the case purchase the highest, lowest and middle quality: Rate per kg.

Edible Oil: (Please prefer the sunflower oil). All other oils can also be purchased and bills obtained. Rate per kg.

Fish and Meat: (Fish = different varieties are available. Purchase the best, lowest and the middle level: Same for the meat also. In any case cased, goat meat to be the basis)

Detergents: There are different qualities: Purchase the best, the cheapest and the middle quality. Rate per kg.
Eggs; Rate per one:

Clothes: per meter: Purchase only cotton white and coloured clothes; (Quality: Best, Cheapest and middle quality)
Metro Cities taken; Delhi, Mumbai, Kolkata, Chennai, Bangalore, Bhubaneswar, Hyderabad, Trivandrum .

Source: Confederation Of Central Government Employees

Ex-Servicemen welfare samiti submitted memorandum to implement OROP

Ex-Servicemen welfare samiti submitted memorandum to implement OROP in the name of President and Prime Minister of India.

Press Trust of India
April 1, 2015 Last Updated at 22:42 IST

Ex-servicemen protest for ‘One Rank One Pension’

Hundreds of ex-servicemen today staged a protest at office of District Magistrate demanding the implementation of ‘One Rank One Pension’ scheme and handed over a memorandum in the name of President and Prime Minister of India.

President of ex-servicemen welfare samiti BC Bansal said that PM Narendra Modi had promised implemention of the scheme during his election campaign.
BJP government has now forgotten its promise made to the ex-servicemen after coming to power, he said.

Brigadier (retired) VS Chaudhary said that BJP has ditched the retired soldiers and in the memorandum demanded for the establishment of a ‘National Soldier Commission’ to look after the welfare and resolve the grievances of retired soldiers.

Source: www.business-standard.com

FIVE LAKHS CENTRAL GOVT EMPLOYEES MARCH TO PARLIAMENT FOR SETTLEMENT OF TEN POINTS CHARTER OF DEMANDS

FIVE LAKHS CENTRAL GOVT EMPLOYEES MARCH TO PARLIAMENT FOR SETTLEMENT OF TEN POINTS CHARTER OF DEMANDS

MARCH TO PARLIAMENT

DELHI CHALO !

28TH APRIL 2015

FIVE LAKHS CENTRAL GOVT. EMPLOYEES MARCH TO PARLIAMENT.
CLARION CALL OF JCM NATIONAL COUNCIL STAFF SIDE
FOR SETTLEMENT OF TEN POINTS CHARTER OF DEMANDS.
INDEFINITE STRIKE IF DEMANDS ARE NOT SETTLED BY GOVT.
RAILWAY FEDERATIONS, DEFENCE FEDERATIONS AND CONFEDERATION OF CENTRAL GOVT. EMPLOYEES AND WORKERS WILL SPEARHEAD THE NATIONWIDE STRUGGLE.

ALL AFFILIATES OF CONFEDERATION AND ALL STATE COMMITTEES (C-O-CS) ARE ONCE AGAIN REQUESTED TO ENSURE MAXIMUM PARTICIPATION OF EMPLOYEES IN THE RALLY AS PER QUOTA ALREADY FIXED AND CIRCULATED. PLEASE BRING FLAGS, BANNERS AND PLAYCARDS ALSO.

COME IN THOUSANDS TO MAKE THE RALLY THE BIGGEST RALLY IN THE HISTORY OF CENTRAL GOVT. EMPLOYEES. LET US DEMONSTRATE THE ANGER, PROTEST AND DETERMINATION OF THIRTY LAKHS CENTRAL GOVT. EMPLOYEES IN FRONT OF NARENDRA MODI GOVERNMENT.

Source : Confederation Of CG Employees

Bank Holidays Hit Central Employees To Get Salary

Bank Holidays Hit Central Employees To Get Salary

New Delhi: Central government employees are in for a rude shock as the new financial year begins on April 1. Their salaries for March is likely to be delayed by a week as Public sector banks will be closed from today to April 3, followed by the weekend, in many parts of the country.

A government employee said, “Every month our salary gets credited to our bank account up to the last working day of that month except March. March salary is passed by DDO on the first working day of April from new budget, salary of March gets credited to our accounts on April 2 due to the annual closing of Banks on April 1.”

“This year , on April 2, the banks will remain shut because of Mahavir Jayanti, followed by the holiday for Good Friday on April 3. The next day being a Saturday, an off day for central government employees.The banks will be closed the next day, on April 5, because it’s a Sunday. Accordingly, central government employees are likely to get salary of the March’ 2015 only on April 6 or 7,” he added.

However, these holidays differ from one State to the other, and not all will have consecutive holidays.

Information posted on the website of the Indian Banks’ Association says Tamil Nadu, Karnataka, Maharashtra and Uttar Pradesh will have continuous holidays from April 1 to 3, while in other States, some banks will work on April 2 and some others on April 3.

It is interesting to note that the central government didn’t announce 6 per cent hike in Dearness Allowance (DA) payable to its employees and pensioners from January 1 this year as the revised Consumer Price Index-Industrial Workers data for December 2014 was released by Labour Ministry.

Read continue : www.tkbsen.in

Delay in Announcement of DA Hike from January 2015

Delay in Announcement of DA Hike from January 2015

Since the implementation of the recommendations of the 4th central pay commission in 1986, the announcement of approval and the order for granting Dearness Allowance to government employees were issued in March and September itself until it was violated once under UPA regime. In 2013, the approval for granting DA hike due from January 2013 was delayed inordinately. All the central government employees had waited patiently up to 31st March 2013. Even 1st and 2nd week of April 2013, there was no signs announcing the DA hike by the Central government. Then, the federations like AIRF and Confederation of central government employees and workers have raised objection over the inordinate delay of announcing DA. And they wrote letters to the Central Government to declare the Dearness Allowance immediately to avoid the confrontation.

While briefing the situation, the Confederation of central government employees and workers has mentioned in the editorial of their blog on 17th April 2013 that ‘This naturally is quiet disturbing, especially in the time of galloping price line. The employees have, in the past, fought bitterly for grant of DA and the 3rd CPC gave a definite formula for DA in the aftermath of the one day strike on 19th September 1968. We cannot allow the hard won DA to be tampered with.’

The next day, ie on 18th April 2013 the union cabinet approved the DA hike which is due from January 2013.

This time the NDA Government started repeating the same story in its first year itself. As we mentioned earlier the DA hike from July 2014 has been announced un expectedly on 4th September 2014. So there was huge expectation this time that the present government would not make any delay in announcing the Payment dearness allowance from January 2015. But it seems that the government finds no time to take any decision over the issue of 50 Lakh Central government employees and Pensioners. Whether the central government expects the federations to plead for announcing DA hike? Or it really has no time to decide on this issue?

However, yesterday the Ministry of Finance issued a clarification dated 1st March 2015, in which it has been clarified that a fake order for payment of Dearness Allowance was being circulated in Government Departments/offices and all Ministries/Departments and Central Government offices were advised not to take cognisance of these fake instructions being circulated in Government offices.

To avoid confusion and frustration among central government employees, it is expected that the central government should announce its approval for Payment of Dearness Allowance from January 2015 immediately.

Source: www.gservants.com

Second Round of Tripartite Consultations on EPF & MP Act Amendments Held

Second Round of Tripartite Consultations on EPF & MP Act Amendments Held

Bandaru Dattatreya Chairs Tripartite Consultations

The Second Round of Tripartite Consultations on Employees Provident Fund and Miscellaneous Provisions Act,1952 (EPF &MP Act) Amendments was held here yesterday. Shri Bandaru Dattatreya, the Minister of State, Labour & Employment (I/C) chaired the second round of tripartite consultations on EPF & MP Act Amendments. The consultations gain greater importance in view of the new amendments proposed in the backdrop of the Union budget proposals impacting the functioning of EPFO.

Inaugurating the consultations, Shri Dattatreya briefly dwelt upon the major changes being mulled in the proposals. They include bringing down the minimum no. of employees required for coverage under the Act from the existing 20 to 10, doing away with the Schedule Head for coverage and bringing in a negative list instead, special provisions for encouraging the functioning of small-scale units, provisions for setting up of multiple Appellate Authorities under the Act, removing ambiguities in the implementation of the Act, ensuring greater clarity in the definitions under the Act, especially with regard to wages which qualify for deduction for the purposes of the Act, introducing greater transparency and accountability in the enforcement of the Act by having an objective inspection scheme, introducing a scheme for unorganized workers and providing a choice to the worker by giving an option to join NPS / EPFO, which is in tune with the proposals mentioned in the Union Budget.

Taking part in the discussions, the representatives of the employers’ associations and federations generally welcomed the various proposals contained in the amendments under consideration. They generally voiced the opinion that the introduction of NPS would mean greater choice for the worker. However, there were also views that NPS cannot match the benefits offered by EPFO and therefore, are not comparable. It was also felt that the amendments would help in sharpening the competitiveness of Indian Industry and would enable India to become a manufacturing hub. However, there was a need to further encourage the concessions granted to the small-scale industries. Increase of coverage also received wide acceptance, both from employers’ and employees’ side.

Opposing certain amendments proposed, representatives of the Trade Unions expressed reservations especially to the move to introduce NPS as a substitute to EPFO. They also expressed reservations regarding the inspection scheme which they argued brought about centralization in the decision making process which is contrary to the prevailing wisdom which favours decentralization.

Summing up the discussions, Shri Shankar Aggarwal, Secretary, MOL&E assured that the concerns of all stakeholders will be addressed when giving final touches to the legislative amendments. Further, the objective behind bringing in the changes is to further strengthen the delivery of social security benefits.

In his concluding remarks, Shri Dattatreya stressed upon the need to focus on the unorganized sector of the workforce which constitutes 93% of the total workforce. He said that the need of the hour is to include more segments of the workforce like Anganwadi works into the ambit of social security legislations. He also informed that the Ministry is contemplating issue of smart cards to the labour workforce so that social security benefits reach each intended beneficiary. He also assured that the Act would be amended taking into account the sensitivities of all concerned.

Shri Sharad Patil, EFI (Employers Federation of India), Shri S.S. Patil, AIMA (All India Manufacturers Association), Shri Bhardwaj, Laghu Udhyog Bharati, Shri Sushant Singh, CII (Confederation of Indian Industries), Shri A.K. Padmanabhan, CITU, Shri A.D. Nagpal, HMS, Shri B.L Sachdeva, AITUC, Shri Ashok Singh, INTUC were some of the notable representatives of employers’ associations and employees’ associations (trade unions) who took part in the deliberations in addition to the representatives of various state governments.

Source: PIB News

Payment of Dearness Allowance to Central Government Employees – Revised Rates effective from 01.01.2015 – Fake Order/ Instructions – Clarification issued by Finance Ministry

Payment of Dearness Allowance to Central Government Employees – Revised Rates effective from 01.01.2015 – Fake Order/ Instructions – Clarification issued by Finance Ministry

No.1/2/2014-E.II(B)
Government of India
Ministry of Finance
Department of Expenditure

North Block, New Delhi.
Dated the 1st April 2015.

OFFICE MEMORANDUM

Subject:- Payment of Dearness Allowance to Central Government Employees – Revised Rates effective from 01.01.2015 – Fake Order/Instructions – Clarification regarding.

It has come to the notice of the Department of Expenditure, Ministry of Finance that Office Memorandum bearing F. No. 1/2/2015-E.II(B) dated 30th March, 2015 under the signature of Shri A. Bhattacharya, Under Secretary, Department of Expenditure, regarding Payment of Dearness Allowance to Central Government employees – Revised Rates effective from 01.01.2015, is being circulated amongst Government Departments/Offices.

2. It is clarified that the O.M. dated 30.03.2015, purportedly issued by the Ministry of Finance, is a fake and that no such instructions have been issued by the Department of Expenditure, Ministry of Finance. Accordingly, all Ministries/Departments and Central Government offices are hereby advised not to take cognisance of these fake instructions being circulated in Government offices.

sd/-
(Subhash Chand)
Director

Click to view the order – Finmin order fake DA order april 2015

Source: www.finmin.gov.in