Its a good news for all salaried class, the government has raised the income tax exemption limit on gratuity to Rs 10 lakh from Rs 3.5 lakh with effect from May 24.The Central Board of Direct Taxes has approved this which was being expected the day govt. announced the new ceiling of Rs 10 lacs in the month of february.
Showing posts with label Government. Show all posts
Showing posts with label Government. Show all posts
Monday, June 14, 2010
Wednesday, May 26, 2010
Central Government Employees medical scheme
Government introduce a new Medical Scheme for Central Government Employees and Pensioners as in the name of Central Government Employees and Pensioners Health Insurance Scheme (CGEPHIS). In all over India, pensioners are getting meager amount of Rs.100 as Medical Allowance (except CGHS beneficiaries). It is estimated that approximately 17 lakh serving employees and 7 lakh pensioners shall be offered this Scheme and Government plan to enroll all serving employees and pensioners on compulsory / optional basis.
Some key points regarding the scheme:-
CENTRAL GOVERNMENT EMPLOYEES AND PENSIONERS HEALTH INSURANCE SCHEME (CGEPHIS)
Tuesday, May 25, 2010
Calculation of Retirement benefit for Govt employees
Provident Fund (PF), Pension Fund and gratuity are components of retirement benefit schemes. The Employees' Provident Fund and Miscellaneous
Provisions Act provides for compulsory contributory fund for the future of an employee after his retirement or for his dependents in case of his untimely death.
Every factory engaged in any industry specified in Schedule I in which 20 or more persons are employed, every establishment employing 20 or more persons or class of such establishments which the Central Government may notify, any other establishment so notified by the Central Government even if employing less than 20 persons is covered.
Saturday, May 22, 2010
NPS: Now Haryana and Karnataka Govt to Contribute additional Rs 1000 for their residents
Investments in the new pension scheme (NPS) is proving to be doubly profitable for unorganised sector workers.
Following the central government, states are coming to the fore to contribute Rs 1,000 a year to NPS accounts. Haryana and Karnataka have already started contributing, and according to sources some more states are planning to join these two. This will lead to the total government contribution per account to Rs 2,000 a year.
The Pension Fund Regulatory Development Authority (PFRDA) is on the verge of finalising all modalities of the scheme, and about 1million NPS subscribers in the unorganised sector will be benefitted by this scheme. Even the Non-government organisations and self-help groups have also come forward to join the scheme. But, PFRDA is quite selective in including people in this scheme. Several other groups are also interested in implementing this scheme.
Friday, May 21, 2010
Summary of BSNL Pay revision
Excellent news for BSNL employees as there has been revision recently.
Please find the summary as under
1. Basic Pay in the pre-revised scale +68.8 IDA and fitment 30% on ( Pay plus IDA(68.8%) rounded off to next Rs. 10
Bunching increments: For every two stages of pay, fixed at the same stage. Benefit of one increment will be given.
Bunching increments: For every two stages of pay, fixed at the same stage. Benefit of one increment will be given.
DA hiked by 8% for Punjab Government Employees
Great News for all working forpunjab government. The dearness allowance paid to government employees in the state has been hiked from 27 to 35 per cent on the pattern of central government employees.
Announced by the Punjab Finance Minister Manpreet Singh Badal said the hike which takes effect from January first this year would put an additional burden of Rs 713.89 crore on the state government in the current fiscal.
Announced by the Punjab Finance Minister Manpreet Singh Badal said the hike which takes effect from January first this year would put an additional burden of Rs 713.89 crore on the state government in the current fiscal.
Saturday, May 15, 2010
Central Government Employees NPS gives 14.82% average returns
Central government employees who joined as a part of the contributory New Pension Scheme (NPS) have earned a weighted average return of 14.82 per cent during 2008-09, the first year when three fund managers managed a corpus of around Rs 2,000 crore.
This has outperformed any another form of Investment like PF etc. Its a Win Win situation for both Govt as well as Employees.
This is in contrast to the annual 8 per cent returns between January 2004 and March 2008 when the government had not transferred the money to the three fund managers – SBI Pension Fund, UTI Retirement Solutions and LIC Pension Fund.
Friday, March 19, 2010
Da Hiked by 8 % for central govt employees..
Today the government increased the dearness allowance for central government employees and pensioners by eight percentage points to compensate for price rise.
The increase is in accordance with the accepted formula based on the recommendations of the Sixth Central Pay commission, Union information and broadcasting minister Ambika Soni told reporters after a meeting of the Union Cabinet here.
Saturday, February 20, 2010
NPS (New Pension Scheme)FAQ's For Govt Servants
What is the New Pension System (NPS)?
The NPS is a new contributory pension scheme introduced by the Central Government for its own new employees. Under the new pension system, each new central government employee will open a personal retirement account on joining service. Every month, and till the employee retires or leaves government service, a part of the employee's salary will be transferred into this account. When the person retires, he will be able to use these savings to take care of the needs and expenses of his family during old age.
When was the NPS introduced?
The NPS was introduced with effect from 01 January 2004 vide Notification 5/7/2003-ECB&PR issued on 22 December 2003 by the ECB&PR Division of the Department of Economic Affairs, Ministry of Finance, Government of India.
Who is covered by the NPS?
Subscribe to:
Posts (Atom)