5.10.2012 NPS
The hike in the DA from 65 per cent to 72 per cent will cost the exchequer Rs 4,939 crore for the remaining part of the current financial year. The annual burden on account of the DA increase has been estimated
at Rs 7,408 crore, says an official release.
The decision, which was approved by the Union Cabinet, will benefit about 50 lakh employees and 30
lakh pensioners of the central government.
The increase in DA is in accordance with the accepted formula which is based on the recommendations
of the 6th Central Pay Commission, the release added.
The relief comes in the backdrop of government increasing the diesel price by Rs 5 per litre and retail
inflation crossing the double-digit mark.
The government had increased DA last in March this year from 58 per cent to 65 per cent, which was
effective from January 1, 2012.
The government periodically hikes the DA, which is linked to consumer price index for industrial workers.
The all-India Consumer Price Index for June, 2012 worked out to be 199.58, which constituted an increase
of 72.40 per cent over the base index of 115.76 (as on January 1, 2006).
The consumer price index (CPI), based on movement in retail prices, soared to 10.03 per cent in August,
from 9.86 per cent in July.
As regards the financial implications, the annual burden on exchequer would be Rs 4,338 crore on
account of increase in DA for employees and Rs 3,070 crore towards pensioners.
The burden during the remaining part of the current fiscal has been estimated at Rs 2,892 crore on
account of additional payment to employees and Rs 2,046 crore to pensioners.
Memorandum to the Hon'ble Minister for Railways
NPS : Cabinet approves amendmended PFRDA Bill with option of Minimum Assured Return
The union cabinet today approved the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 that allows the subscriber seeking minimum assured returns to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority.
These official amendments have been necessitated in view of the recommendations of the Standing Committee on Finance which has examined the Bill. Based on the recommendations of the Standing Committee on Finance, the Government has decided to accept the following:
- That the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such schemes providing minimum assured returns as may be notified by the Authority;
Withdrawals not exceeding 25 per cent of the contribution made by subscriber will be permitted from the individual pension account subject to the conditions, such as, purpose, frequency and limits, as may be specified by regulations by the Pension Fund Regulatory Authority and Development Authority (PFRDA)- The foreign investment ceiling in the pension sector at 26 per cent or such percentage as may be approved for the Insurance Sector, whichever is higher may be incorporated in the present legislation;
- To establish a vibrant Pension Advisory Committee with representation from all major stakeholders to advise PFRDA on important matters of framing of regulations under the PFRDA Act.
- The membership of the PFRDA will be confined to professionals having expertise in economics, finance or law only.
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DA hiked by 7 %
NEW DELHI: The Union government on Monday hiked dearness allowance (DA) by 7 per cent, benefiting its
80 lakh employees and pensioners and costing the exchequer an additional Rs 7,408 crore annually.
The hike will be effective from July 1, 2012, and the employees would be entitled for arrears from this date.
80 lakh employees and pensioners and costing the exchequer an additional Rs 7,408 crore annually.
The hike will be effective from July 1, 2012, and the employees would be entitled for arrears from this date.
The hike in the DA from 65 per cent to 72 per cent will cost the exchequer Rs 4,939 crore for the remaining part of the current financial year. The annual burden on account of the DA increase has been estimated
at Rs 7,408 crore, says an official release.
The decision, which was approved by the Union Cabinet, will benefit about 50 lakh employees and 30
lakh pensioners of the central government.
The increase in DA is in accordance with the accepted formula which is based on the recommendations
of the 6th Central Pay Commission, the release added.
The relief comes in the backdrop of government increasing the diesel price by Rs 5 per litre and retail
inflation crossing the double-digit mark.
The government had increased DA last in March this year from 58 per cent to 65 per cent, which was
effective from January 1, 2012.
The government periodically hikes the DA, which is linked to consumer price index for industrial workers.
The all-India Consumer Price Index for June, 2012 worked out to be 199.58, which constituted an increase
of 72.40 per cent over the base index of 115.76 (as on January 1, 2006).
The consumer price index (CPI), based on movement in retail prices, soared to 10.03 per cent in August,
from 9.86 per cent in July.
As regards the financial implications, the annual burden on exchequer would be Rs 4,338 crore on
account of increase in DA for employees and Rs 3,070 crore towards pensioners.
The burden during the remaining part of the current fiscal has been estimated at Rs 2,892 crore on
account of additional payment to employees and Rs 2,046 crore to pensioners.
Memorandum to the Hon'ble Minister for Railways
As per the decision taken taken in the CWC meeting held on 10and 11 July at Secunderabad, the memorandum has been submitte at the office of General Manager to forward to the Hon'ble Minster for Railways on 20-9-2012, since 19th September, was holiday due to Vinayak Chavathi..Com K.J Prasad, Zonal President, Com Ahmed Mouiddin General Secretary, Com V.Kameswara Rao, Zonal Genral Secretary have submitted the memorand at G.Ms office.
To
The Hon’ble Minster for Railways,
Government of India,
Rail Bhavan.
New Delhi.
Respected Sir,
Through
General Manager, South Central Railway.
Sub: Memorandum in the matter of settlement of
basic and common demands of Railway
employees represented on 18.5.2012.
Ref:
Our joint petition duly signed by 15 thousands of Railway employees on
18.5.2012.
***
With
due honour it is humbly placed before
your good self that this organization has submitted a joint petition duly
signed by 15 thousand of Railway staff working over the Indian Railways to your
office by staging Mass Dharna at Jantar Mantar New Delhi on 18.5.2012 for
redressal of following basic/common demands of Railway employees confronting
with tem since long.
Now
as per decision of CWC meting AIREC held on 10.7.2012 and 11.7.2012 at
Secunderabad we are submitting this memorandum through proper channel for your
necessary action to mitigate the said demands forthwith.
Demands represented on 18.5.2012.
1.
Removal of Anomalies from scales of pay group
‘D’ and ‘C’ categories of staff.
2.
Finalisation of pending Restructuring benefit.
3.
Filling up all vacant posts.
4.
Observance of safety rules for maintaining train
Movements in safe condition.
5.
Stop privatization of the Railways.
6.
Freezing the price rise of all essential
commodities.
7.
Withdraw ban on recruitment and creation of
posts.
8.
Vacation of total cases of trade union
victimization.
9.
Withdrawal of contributory pension scheme
effected from 1.4.2004.
10.
Elimination of corruption from the Railways.
11.
Step up pay to senor staff under MACP scheme.
12.
First class complimentary passes holders should
be allowed to travel with their attendants in same class, with provision of
extending hem availing of 2 sets PTO benefit.
13.
Exemption from payment of Income Tax by wage
earners.
14.
Merger of 50% DA –DR with basic pay and revise
the scales of pay of Railway Employees by appointing 7th CPC.
15.
Recognition of only one Union through Secret
ballot as per Apex Court Judgment on 17.2.95.
Therefore we urge upon the
General Manger South Central Railway to forward this memorandum to Railway
Board for perusal, sympathetic consideration and taking an immediate necessary
for settlement of above demands at the
earliest please.
With kind regards.
Yours faithfully Yours faithfully
Zonal President
General
Secretary AIREC/SC Zone AIREC/SCZone
20.9.2012.
========================================================================
AIREC decisions
The Cental Working Committee meeting of AIREC was conducted on 10 and 11th of July 2012 at Secunderabad. The meeting has been presided over by Com DNSS Rao .
The following decision has been taken.
A memorandum containing the demands already represented to Hon'ble Minster of Railways on 18.5.2012 for his kind intervention should be sent to him again in shape of reminder through respective head of Railway Adminstration on 19th Sept. 2012. -------------22-8.2012
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Condolence
We feel sorry to inform that Sri D.Dasaratha Ramaiah Ex zonal vice President/AIRMSA OS/II, Personnel Branch expired on 17-8-2012, at the age of 83 years. He played a very important role in building AIRMSA and AIREC inour South Central ZONE, along with Com. M.Soma Sekhara Rao, Com. R.Sainna, Com. M.Krishna rao. Comrades M.Soma sekhara Ra, R.sainna, D.subba rao attended funeral and expressed deep condolences for the departed soul.
AIRMSA/Aonal committee expressing its deep condolences fort the demise of Sr.D.Dasaratha Ramaiah Ex Zonal vice President of AIRMSA.
V.Kameswara Rao
Zonal General Secretary.
28.8.2012
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