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TAX RELAXATION UNDER NPS
Press Information Bureau
Government of India
Ministry of Finance
03-February-2017 18:16 IST
Tax Relaxation under NPS
The Finance Act, 2016 amended the Income-tax Act, 1961 (the Act) to provide that 40% of the amount payable to the employee subscriber of NPS on his closure of account or his opting out of the scheme, shall be exempt from tax.
Further, Finance Bill, 2017 has proposed to amend the Act to provide exemption from tax at the time of partial withdrawal by an employee from National Pension System Trust in accordance with conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under, to the extent it does not exceed twenty five per cent of the contributions made by him.
There was no proposal for tax relaxation from Securities and Exchange Board of India in the agenda of 16th Financial Stability Development Council meeting held on 5thJanuary 2017.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
Wednesday, December 28, 2016
Inaugurating By Com. Abdul Rahiman T.P, Asst G/S, P3 CHQ
Addressing Com. T.R. Santhosh Kumar, LCC, Chairman
Addressing Com. R.Ravindranath, AGS,R4, CHQ
Addressing Com. K.Vijayakumar, Vice President P3, Kerala
Addressing Com. K.Govindan, AIPRPA, Kerala
A copy of Confederation Strike Notice dated 15-02-2017 also served to the SPOs, Ottapalam.
Thursday, December 22, 2016
ONE DAY STRIKE ON 15TH FEBRUARY 2017
· AGAINST THE BREACH OF ASSURANCE AND BETRAYAL BY GROUP OF MINISTERS OF NDA GOVERNMENT.
· TO UPHOLD THE SELF-RESPECT AND DIGNITY OF 33 LAKHS CENTRAL GOVERNMENT EMPLOYEES AND 34 LAKHS PENSIONERS.
ABOUT 15 LAKHS CENTRAL GOVERNMENT EMPLOYEES AND AUTONOMOUS BODY EMPLOYEES WILL PARTICIPATE IN THE STRIKE
v Central Government employees and Pensioners betrayed by NDA Govt. by breach of assurance given by Group of Cabinet Ministers including Shri Rajnath Singh, Shiri Arun Jaitely and Shri Suresh Prabhu regarding increase in Minimum Pay and Fitment formula. This is the worst pay revision after 2nd CPC report in 1960. Government implemented the report without any modification suggested by Staff side (JCM). In 1960 entire employees went on five days strike.
v Central Government Pensioners and Family Pensioners betrayed by NDA Government by not implementing Option-I (parity) recommended by 7th CPC and accepted by Cabinet.
v Autonomous bodies employees betrayed by NDA Government by issuing instructions NOT TO IMPLEMENT 7th CPC benefits to Autonomous body employees and Pensioners UNTIL FURTHER ORDERS.
v Three lakhs Gramin Dak Sevaks of the Postal Department betrayed by NDA Government by not extending the benefits of 7th CPC to them and also by not publishing the separate one-man committee report already submitted to the Government.
v Thousands of Casual, Part-time, contingent employees, daily rated mazdoors and contract workers are betrayed by the NDA Government by not regularizing their services and by not revising their wages on the principle of “Equal Pay for Equal Work”.
v 7th CPC Submitted its report after 21 months on 19th November 2015. Even after 13 months the NDA Government has not implemented the revised HRA, Transport Allowance and all other Allowances. Government is deliberately delaying it further to deny implementation from 01.01.2016 and also to delay it to next Financial year 2017, thereby denying arrears.
v Government betrayed Central Government employees and Pensioners by denying eligible 3% Dearness Allownace with effect from 01.07.2016. DA for pre-revised Minimum pay of 7000 is 7% = 490 per month. Same pre-revised pay of 7000 revised to 18000 after merger of 125% DA as on 01.01.2016. New DA granted for revised minimum pay of 18000 is 2% = 360 per month. Thus there is a recurring loss of Rs. 130/- per month in DA granted to Minimum pay. For other higher pay scales the loss is still higher.
v In the past, only one Committee before implementation of CPC report and one Anomaly Committed after implementation was constituted. This time Committee after Committees are constituted but no negotiated settlement with the JCM (NC) staff side on any of the issue, but only one-way hearing of the views of the staff side. Implementation Committee, Empowered Committee, Allowances Committee, Pension (Option-1) Committee, Anomaly Committee, New Pension System (NPS) Committee and Senior officers Committee (?) to discuss the issues arising out of 7th CPC recommendations. (no formal orders constituting the Group of Senior Offices Committee and no terms of reference made public). Almost six months are over after Cabinet approving pay scales and one year is over after submission of 7th CPC report, but no outcome of any committee).
v No negotiated settlement on Confederation’s 21 Point Charter of demands which includes increase in minimum pay, Fitment formula, no reduction of HRA rate, Revision of all allownaces, Restoration of abolished Advances, Option-1 for pensioners, Scrap New Pension System, Autonomous bodies wage revision, GDS Issues, Casual Labour issues, MACP promotional hierarchy and “Very good” bench mark, filling up of vacancies, removal of 5% compassionate appointment restriction, Five promotions, LDC/UDC pay upgradation, Parity in pay scales with Central Secretariat Staff, removal of CCL adverse condition, equal pay for equal work etc.
WHAT HAPPENED ON 30TH JUNE 2016 ?
AND WHO BETRAYED THE EMPLOYEES AND PENSIONERS ?
On the night of 30th June 2016, Shri Suresh Prabhu, Hon’ble Minister for Railways informed the Secretary, JCM (NC) Staff side Shri Shiv Gopal Misra that the Prime Minister had empowered three Cabinet Ministers, viz: Shri Rajnath Singh, Hon’ble Home Minister, Shri Arun Jaitely, Hon’ble Fiance Minister and Shri Suresh Prabhakar Prabhu, Hon’ble Railways Minister, to negotiate with the staff side, JCM (NC), and invited staff side (JCM) for a meeting at the Official residence of Shri Rajnath Singh, Hon’ble Home Minister on the same night 21:30 hrs. On persistent demand of the staff side (JCM), the Group of Ministers assured that the issue of increase in the Minimum wage and Fitment formula will be referred to a High Level Committee and the Committee will submit its report to the Government within four months.
NOW SIX MONTH’S ARE ALMOST OVER.
WHERE IS THE HIGH LEVEL COMMITTEE REPORT?
WHEN CABINET MINISTERS BETRAY, WHAT SHALL WE DO?
Strike is the only BEFITTING REPLY to those who betrayed the cause of the Central Government employees and pensioners.
We cannot go on begging before the NDA Government.
WORKERS ARE NOT BEGGARS.
Let us make the 15th February 2017 one day strike a resounding success.
Let us not surrender our prestige and self-respect before those who betrayed our cause.
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GDS COMMITTEE REPORT
SG NFPE met Secretary, Dept of Posts after two days All India Protest demonstrations by NFPE. Secretary has assured that GDS Committee report will be published immediately after 31st December and approval of Minister will be obtained before 31st Dec.
In view of the above assurance, Federal Secretariat of NFPE decided to wait upto 31st.
Next phase of programmes will be declared if report is not publihed as assured by Secretary.
This is already informed to all General Secretaries and Circle Secretaries.
R.N. PARASHARSECRETARY GENERAL