The Telangana government's salary structure reveals surprising figures, with senior sweepers earning up to 2 lakh and chief engineers drawing 7 lakh monthly.
India's main inflation measure, the Consumer Price Index (CPI), is set for another major update, even though it has been in its current form for only about 15 years.
For MSMEs the transition could mean higher wage bills and tougher compliance -- unless strong handholding follows reports Auhona Mukherjee.
The Union Cabinet on Wednesday increased Dearness Allowance (DA) and Dearness Relief (DR) by 3 per cent for about 49.19 lakh central government employees and 68.72 lakh pensioners.
Ahead of Diwali festival, the Union Cabinet on Wednesday increased the dearness allowance (DA) and dearness relief by 4 per cent effective July 1, 2022, benefiting 41.85 lakh central government employees and 69.76 lakh pensioners. The additional instalment of DA and dearness relief (DR) is an increase of 4 per cent over the existing rate of 34 per cent of basic pay/pension. The combined impact on the exchequer on account of both DA and DR would be Rs 12,852.5 crore per annum, said Information and Broadcasting Minister Anurag Thakur while briefing reporters about the decisions of the Union Cabinet.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
Such issues need to be addressed quickly to ensure your retirement savings are not affected.
Millions of central government employees were taken for a ride on April Fool's Day.
The Centre on Wednesday increased the Dearness Allowance (DA) by 3 percentage points effective from July 1 this year, benefitting more than 1 crore employees and pensioners ahead of the Diwali festival. The Union Cabinet has approved to increase Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners by three percentage points of the basic pay/pension ahead of Diwali, Union Minister Ashwini Vaishnaw said after the Cabinet meeting.
This adjustment is aimed at helping workers cope with the rising cost of living, a labour ministry statement said.
The Centre on Thursday hiked Dearness Allowance (DA) to 50 per cent of basic pay from the existing rate of 46 per cent effective from January 1 this year, benefitting over 1 crore employees and pensioners ahead of general elections. The Union Cabinet has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners from January 1, 2024, representing an increase of 4 percentage points over the existing rate of 46 per cent of the basic pay/pension, to compensate against price rise, Union Minister Piyush Goyal said after the Cabinet meeting.
According to an order issued by the director general of police YB Khurania on Wednesday the five police personnel have been suspended on charge of gross misconduct.
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
'Younger employees, who tend to have a higher risk appetite, will find NPS advantageous due to the potential gains from equity markets over time.'
A notification issued by the state home department on Friday said the IPS officer, as the then Government Railway Police commissioner, permitted the erection of the hoarding without taking mandatory permission from the office of Maharashtra director general of police.
On Wednesday, the Bihar Cabinet in a meeting chaired by the chief minister passed a resolution on asking the Centre to include the provision in the 9th Schedule of the Constitution, Siddharth said.
Switching to the UPS could be a game-changer for your retirement planning, especially if you value guaranteed benefits and higher government contributions, observes Ramalingam Kalirajan.
The Union Cabinet on Friday increased the dearness allowance and dearness relief by 4 per cent to 42 per cent to benefit 47.58 lakh central government employees and 69.76 lakh pensioners. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief will be Rs 12,815.60 crore per annum, I&B Minister Anurag Thakur told reporters after the meeting of Cabinet Committee on Economic Affairs (CCEA).
rediffGURU Samkit Maniar answers readers' personal income tax queries.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
The Union Cabinet on Wednesday hiked Dearness Allowance (DA) and Dearness Relief (DR) by 3 per cent to 34 per cent to compensate for the price rise, benefitting over 1.16 crore central government employees and pensioners. The additional instalment will be effective from January 1, 2022, said an official release after the Cabinet meeting. "The Union Cabinet...has given its approval to release an additional instalment of DA to central government employees and DR to pensioners w.e.f. January 1, 2022, representing an increase of 3 per cent over the existing rate of 31 per cent of the Basic Pay/Pension, to compensate for price rise," an official statement said.
Dearness Allowance for central government employees has been hiked to 31 per cent of the basic pay from 28 per cent with effect from July 1, 2021, the Finance Ministry said. In an office memorandum, the Department of Expenditure, under the Finance Ministry, said the term 'basic pay' means the pay drawn as per the 7th pay commission matrix and does not include any other type of pay like special pay, etc. "....the Dearness Allowance payable to central government employees shall be enhanced from the existing rate of 28 per cent to 31 per cent of the basic pay with effect from July 1, 2021," said the office memorandum dated October 25.
The decision taken at a meeting of the Union Cabinet presided over by Prime Minister Narendra Modi will result in an additional annual expenditure of Rs 8,450 crore, according to the defence ministry.
The protesters who had gathered under the banner of the Joint Forum for Restoration of Old Pension Scheme and National Joint Council of Action said they were worried about their post-retirement future.
The Supreme Court on Friday upheld the validity of the Employees Pension (Amendment) Scheme of 2014 but quashed the threshold limit of Rs 15,000 monthly salary for joining the pension fund. The 2014 amendment had capped the maximum pensionable salary (basic pay plus dearness allowance) at Rs 15,000 per month. Prior to the amendment, the maximum pensionable salary was capped at Rs 6,500 a month.
Talking to reporters, state medical education minister Girish Mahajan said he has asked resident doctors to engage in a dialogue and urged them not to stretch the matter further.
The decision on the DA and DR was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi. In view of the COVID-19 pandemic, the Union Government had frozen the three additional instalments of the DA and DR which were due from January 1, 2020, July 1, 2020 and January 1, 2021. There will be no payment of arrears this time, as the rate of DA/DR for the period from January 1, 2020 to June 30, 2021 shall remain at 17 per cent of basic pay/pension.
The State Election Commission on Friday informed the Calcutta high court that it has requisitioned 822 companies of central forces for the July 8 panchayat polls in West Bengal.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
Before opting for this scheme, consider how EPS is calculated.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Some aircraft technicians at IndiGo are on sick leave since Friday demanding a revision in salaries. The protest comes days after the airline partially restored salaries of its pilots and cabin crew and made changes to its human resource (HR) policies. Some technicians in Hyderabad reported sick on Friday night while those from other bases skipped work on Sunday demanding a revision in salary, an industry source said.
It will benefit about 48.34 lakh central government employees and 65.26 lakh pensioners.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
Vaidyanathan apologised to the court but added that the present plea was filed as another petition challenging a high court order dated April 11, 2022 is pending before the apex court.
The ministry of labour & employment on Friday announced a hike in variable dearness allowance for more than 1.5 crore workers in the central sphere by Rs 105 to Rs 210 per month. The hike, which will be effective from April 1, 2021, will also result in an increase in rate of minimum wages for central sphere employees and workers. It will be for scheduled employment in central sphere and applicable to the establishments under the authority of central government, Railway administration, mines, oil fields, major ports or any corporation established by the central government. These rates are equally applicable to contract and casual employees/workers.
NPS is a cost-effective instrument with low fund management and other fees. Unlike in mutual funds, investors get the benefit of tax-free rebalancing here.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
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