7th Pay Commission: Cabinet to take the final decision on allowances today.
Business & Finance   Wednesday, June 14, 2017 IST
 
7th Pay Commission: Cabinet to take the final decision on allowances today.

7th Pay Commission: Cabinet to take the final decision on allowances today.

New Delhi: The focal government employees are probably going to get updated remittances from July onwards.

According to sources, the Cabinet will take a final decision on E-CoS proposition on Wednesday (June 14). The Empowered Committee of Secretaries (E-CoS) set up to screen the Lavasa panel suggestions on recompenses, a week ago presented its proposition to the Cabinet for endorsement.

A high-level committee headed by the Finance Secretary, Ashok Lavasa had on April 27 presented its answer to Finance Minister Arun Jaitley.

The Empowered Committee of Secretaries has allegedly given its view for AK Mathur-drove seventh Pay Commission suggestion, regarding decrease house rent allowance (HRA) by 2-6 percent relying upon sort of urban communities.

The seventh Pay Commission headed by AK Mathur had before proposed the rate of House Rent Allowance (HRA) at 24 percent, 16 percent and 8 percent of the Basic Pay for Class X, Y, and Z urban communities separately.

Obscure Object

The Commission had likewise prescribed that the rate of HRA will be overhauled to 27%, 18 percent and 9% when DA crosses 50%, and further reconsidered to 30%, 20% and 10% when DA crosses 100%.

The current rates of HRA for Class X, Y and Z urban communities and towns are 30 percent, 20% and 10% of Basic (pay in the compensation band in addition to reviewing pay).

Option 1

On the off chance that the administration acknowledges the uncovered suggestions of A K Mathur-drove seventh Pay Commission then the HRA part of focal government workers will increment running between 106% and 122%.

Take, for example, a focal government representative at the extremely base of the compensation scale under sixth Pay Commission was till now qualified for an HRA of Rs 2,100 on the basic pay of Rs 7,000 (essential pay that incorporates pay of pay band + review pay) in a Class X city. It is to be noticed that administration while executing the seventh Pay Commission in June a year ago had made it clear that till the ultimate result of stipends board is being put, the workers would be getting the remittances according to sixth Pay Commission.

Presently, according to 7th Pay Commission, the new section level pay at this level is Rs 18,000 every month against which the new HRA for a Class X city would be Rs 4,320 every month, that is 106 percent more than the current level.

Additionally, at the most abnormal amount of the compensation scale, the Cabinet Secretary and officers of a similar rank have an essential pay of Rs 90,000, which implies they are qualified for current HRA of Rs 27,000 in Class X towns. After the updated pay scale, the new fundamental pay is Rs 2.5 lakh, for which the HRA would be Rs 60,000, which means a climb of 122 percent.

Option 2

On the off chance that the legislature holds the leaving HRA rates (according to sixth Pay Commission) at that point the HRA segment of focal government representatives will increment going between 157 percent and 178 percent.

Take, for example, a focal government worker at the extremely base of the compensation scale under sixth Pay Commission was till now qualified for a HRA of Rs 2,100 on essential pay of Rs 7,000 (fundamental pay that incorporates pay of pay band + review pay) in a Class X city. It is to be noticed that administration, while executing the seventh Pay Commission in June a year ago had made it clear that till the ultimate result of stipends panel is being set, the workers would be getting the remittances according to sixth Pay Commission.

Presently, according to 7th Pay Commission, the new passage level pay at this level is Rs 18,000 every month against which the new HRA for a Class X city would be Rs 5,400 every month, that is around 157 percent more than the current level.

Additionally, at the most abnormal amount of the compensation scale, the Cabinet Secretary and officers of a similar rank have an essential pay of Rs 90,000, which implies they are qualified for current HRA of Rs 27,000 in Class X towns. After the modified pay scale, the new fundamental pay is Rs 2.5 lakh, for which the HRA would be Rs 75,000, which means a climb of around 178 percent.



 
 
When you change job. PF account will be transferred automatically
Business & Finance   Wednesday, June 14, 2017 IST
 
When you change job. PF account will be transferred automatically

When you change job. PF account will be transferred automatically

New Delhi: If you intend to change your job next month, you won't need to stress on the Provident Fund viewpoint.

From September, the Provident Fund of your present association will be naturally exchanged to the following office that you join, according to a report in the Times of India.

TOI citing chief provident fund commissioner V P Joy stated, "Now we have made Aadhaar obligatory for enrollment. We don't need records to be shut. The PF account is the changeless record. The worker can hold a similar record for standardized savings".

The PF official is pushing a large group of activities in the Employees' Provident Fund Organization (EPFO) to make it more specialist amicable. In any case, one of the principal challenges that the Retirement finance body confronted was the untimely conclusion of records at whatever point there was a change of employment.

"We are endeavoring to guarantee the exchange of cash on the off chance that one changes employments, with no application, in three days. In future, on the off chance that one has an Aadhaar ID and has confirmed the ID, at that point the record will be exchanged with no application if the laborer goes anyplace in the nation. This framework will be set up soon," Joy told the TOI.

EPFO has made it required for all endorsers and in addition retired people to present their Aadhaar number. This will help to connect EPF account, annuity account, financial balance and Aadhaar number which would, in the end, encourage giving a large group of online offices to endorsers like online withdrawal and obsession of benefits.



 
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