The implementation of Phase II of the report that recommended creation of the additional posts will ensure quicker promotions to army, navy and air force officers. The decision is also aimed at stemming the high rate of attrition among middle-rung officers from majors to colonels and their equivalents in the three services, which already face a shortage of about 13,000 officers, mostly in the middle-rung. The move will cost the exchequer Rs 8.44 crore annually.
The country's GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March period, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output.
With companies facing severe credit crunch, a top body of British employers on Monday asked for freezing of the national minimum wage until the economy recovers from the financial downturn.
Uttar Pradesh Chief Minister Mayawati on Monday announced the state would revise the salary of an estimated 721,000 employees on the lines of the pay panel recommendations. The state commission, headed by Jagmohan Lal Bajaj, will submit a report on pay revision by December. The additional financial burden is estimated at Rs 5,189 crore (Rs 51.89 billion) per annum excluding arrears payment, which is pegged at Rs 14,775 crore (Rs 147.75 billion).
Central government employees should not be allowed to earn annual increments if they fail to meet performance criteria.
The apex body for farmers' organisations has stated in a representation to the government that even big farmers were worse off than the lowest-paid government employees. It has charged the government with discrimination against farmers vis--vis workers from other sectors.
Ahead of the festival season, the government on Tuesday decided to release the second and last installment of salary arrears to government servants numbering about 50 lakh (5 million) which will put a burden of over Rs 17,500 crore (Rs 175 billion) on the exchequer.
Faculty of top academic institutions like the Indian Institutes of Technology (IITs), the Indian Institutes of Management (IIMs), and central universities say the Sixth Pay Commission's recommendations do not have a direct bearing on their compensation levels. The new pay structure of assistant professors, associate professors and professors will be finalised by an internal committee of the Ministry of Human Resource Development, which would take a couple of months at least.
Expecting brickbats from Babus for recommending only about 40 per cent hike in pay, the Sixth Pay Commission chairman Justice B N Srikrishna on Monday said his recommendations would displease everbody.
Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha.
However, the details will be worked out after the Fitment committee submits its report to the government. It also seeks to continue the thrust of the original budget for the development of agriculture, education, infrastructure in the state. The first supplementary presented by the Orissa finance minister, Prafulla Chandra Ghadai in the state Assembly amid slogan shouting by the BJP members, proposes an outlay of Rs 7587.69 crore (Rs 75.87 billion) for 2008-09.
While IIM-A hiked its fee in the last academic session, IIM-K recently announced to increase its fee up to Rs 900,000. The move to hike fee is being made following the Centre's decision to stop bloc grant to the institute.
"The 6th Pay Commission disbursement led to an increase in our working expenses," Chairman of the Railway Board S S Khurana said. He also said the Railways had saved Rs 655 crore. "Our cash surplus before the dividend was Rs 17,399 crore and operating ratio was 90.4 per cent," he said.
The Rs 10,807-crore (Rs 108.07 billion) budget for implementation of Sixth Pay Commission recommendations and to fund various ongoing projects was passed by a voice vote. Some members were not satisfied with the budget. The BJD members walked out alleging that Orissa had been ignored.
The welfare of the common man continues to be the top priority. The minister has reduced fares for the fourth successive year.
The government on Wednesday said it would tax only 40 per cent of salary arrears to be paid to central government employees in the current fiscal on implementation of Sixth Pay Commission recommendations.
The Centre will set up a high-level committee of secretaries for processing the Sixth Pay Commission's report for its employees. The Empowered Committee of Secretaries will be headed by Cabinet Secretary K M Chandrasekhar, Science and Technology Minister Kapil Sibal said after the Cabinet meeting.
After army personnel and IPS officers, other government employees have now voiced their grievances against the Sixth Pay Commission report, saying the recommendations do not correspond to the increased cost of living but will increase inequality.
India's chief statistician Pronab Sen has said there is no need to construct a separate price index for government employees as suggested by the Sixth Pay Commission.
In an obvious bid to be one up on her latest number one political foe, the Congress, Uttar Pradesh Chief Minister Mayawati on Monday declared in the State Assembly that her government would promptly implement the recommendations of the Sixth Pay Commission.
Pensioners to get 40% raise, more gains for octogenarians. The Union Cabinet has accepted this proposal, along with other recommendations of the Sixth Pay Commission on pension benefits for the estimated 3.84 million central government pensioners at a meeting here on Thursday.
The recommendations of the 6th Pay Commission, if implemented by the Central government, could result in major negative impact for the fiscal position of the country, though it could be positive for consumption, according to a leading investment banker. The review said assuming the 6th Pay Commission's recommendations were implemented fully, "we judge the impact on the economy should not be as negative this time round". Impact of 5th pay commission was unambiguously negative.
The government on Thursday approved the Sixth Pay Commission recommendations, heaping civil and defence staff with a salary hike bonanza on the eve of the country's 61st Independence Day.
Sixth Pay Commission has urged the government that all Indian Telecom Service (Group A) officers be absorbed in the public sector telecom service providers, Bharat Sanchar Nigam Ltd & Mahanagar Telecom Nigam Ltd, or sent to the surplus pool. It has also suggested winding up of the Telecom Commission saying BSNL and MTNL now provide extensive services along with several private sector operators. The report states there is no need to retain the 2400 cadre strong-ITS (Group A).
For the first time in a decade, the BSE Midcap and Smallcap indices outperformed the benchmark index for a consecutive year
A new benefit of aggregate two years of paid leave that central government's women employees may avail to take care of their minor children will be limited to only the first two children and not for the third or fourth child, the government clarified through a notification
The reason for the largesse, a first in the revenue department, is on account of direct and indirect tax collections exceeding the target (Budget estimate) for 2006-07. Total revenue collections stood at Rs 470,987 crore (Rs 4,709.87 billion) for the year, against the targeted Rs 439,952 crore (Rs 4399.52 billion).
India will grow at around 8 per cent this year and next, but the principal risk to this projection stems from the demand-led inflation that "would occur if the total Pay Commission award for government employees were to be paid out immediately," the Paris-based Organisation for Economic Cooperation has warned.Besides, "quick action to write off small farmers' debt would also add substantially to demand," the OECD indicated in its latest Economic Outlook.
The central government babus have been given a big hike in TA/DA (travel allowance/dearness allowance) as part of implementation of the Sixth Pay Commission, but it may be only illusory as ministries and departments will get no additional funds to foot their bills.
The action was expected to affect the general efficiency levels of the Railways and could also eat into its profit margins estimated at a minimum loss of around 20 per cent margins compared to last year, claimed IRPOF. It, however, clarified that the officers will not take any action that will cause inconvenience to the general public.
Income tax at source would be deducted only on 40 per cent of salary arrears to central government employees in the current fiscal on implementation of Sixth Pay Commission recommendations, government said on Tuesday.
The Centre was mulling more incentives for paramilitary personnel, especially those deployed in the border areas, and bring parity among all the forces in terms of pay and other perks
Two Central Board of Excise and Customs staffers, Raman and Suresh, based in Trichy, Tamil Nadu, have set up a Web site based on the 6th Pay Commission recommendations and dedicated exclusively to government employees.
The strike is to protest against the airline companies' decision to stop paying commission to agencies in return for travel bookings from November 1.
The Defence sector is unhappy with the Sixth Pay Commission. The points of discontent include the fact that the Military Service Pay will only begin from the date of acceptance of the award possibly 3 months from now even as their civilian counterparts will get salary arrears from January 2006 onwards. Defence officers want to be compensated for the interim period vis--vis their civilian colleagues. They are also unhappy with the quantification of arduous service conditions.
The over 1.6 million employees of central public sector companies are demanding a salary increase of over 100 per cent, saying the average 40 per cent raise recommended by the Sixth Pay Commission for government employees is not enough. Salaries of public sector workers were last revised in 1997 and were scheduled for the next revision on January 1, 2007. The average gross monthly salary an ONGC executive earns today is between Rs 40,000 and Rs 50,000.
In a liberal proposal, the Sixth Central Pay Commission has recommended full pension benefit to government employees after 20 years of service, as against the existing 33 years. The hike in gratuity limit to Rs 10 lakh, exclusion of the earned leave encashed while in service from the overall limit, clubbing of earned leave and half-day pay leave for encashment and higher pension to octogenarians are the other liberal steps suggested by the commission.
In far-reaching reform measures to the salary structure of an estimated 4.5 million central government employees, the sixth Pay Commission report submitted to the finance ministry today recommended an across-the-board effective salary hike of about 28 per cent, performance-linked increments, fewer holidays and a new medical insurance scheme.
The Sixth Pay Commission on Monday recommended an increase in the salary of chairpersons of regulators, including Sebi, Trai and Irda, to up to Rs 300,000 per month and delink them from government salaries, a move to attract expertise from outside the government. Those appointed as members through the revised process should be paid a consolidated salary of Rs 1,50,000 per month, while the chairperson may be paid Rs 2,00,000 per month, in case a car and house are provided.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
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