7th Pay Commission report – estimated pay scales and multiplication factor

 7th Pay Commission Pay Scales and 7th CPC Pay Calculator – Revisit by GConnect

After taking in to account the expected DA of 125% from January 2016,  esimated 7th Pay CommissionPay Scales, 7th CPC pay and 7CPC Grade Pay as follows:

 

7th Pay Commission Pay Scales, and 7th CPC pay	Using the multiplication factor of 2.25
7th Pay Commission Grade Pay	By Providing 40% fitment Benefit

 

7th Pay Commission Pay Scales and Fitment Benefit (7th CPC Grade Pay Structure)

PB	6 CPCPay bands	7th CPC Pay Band	6th CPC GradePay	7th CPCGradePay	6CPC Minimum Basic pay	7CPC Minimum Basic pay
1	5200-20200	13880-47480	1800	7380	7000	21240
1	5200-20200	14010-47610	1900	7540	7100	21520
1	5200-20200	14130-47730	2000	7680	7200	21790
1	5200-20200	14630-48230	2400	8280	7600	22890
1	5200-20200	15120-48720	2800	8880	8000	23970
2	9300-34800	26040-83160	4200	14680	13500	40660
2	9300-34800	26540-83660	4600	15280	13900	41760
2	9300-34800	26790-83910	4800	15580	14100	42310
2	9300-34800	27530-84650	5400	16480	14700	43950
3	15600-39100	41640-94250	5400	22140	21000	63700
3	15600-39100	43130-95770	6600	23940	22200	66990
3	15600-39100	44370-97010	7600	25440	23200	69720
4	37400-67000	94570-160870	8700	46720	46100	141100
4	37400-67000	94820-161120	8900	47020	46300	141650
4	37400-67000	96180-162480	10000	48660	47400	144660
4	37400-67000	98660-164960	12000	51660	49400	150130

 

Meanwhile, we have also made a comparison of 7th Pay Commission Pay estimated by GConnect by adopting 6th CPC methods and 7CPC Pay proposed by National Council, Staff Side JCM and Confederation of Central Government Employees and Workers.

 

In this comparison, we have arrived at the Net increase in pay out of 7CPC Pay for employees in each grade pay which is calculated on the basis of present 6CPC pay along with DA as on January 2016 (125%).

 

This increase in Percentage has been calculated for 7th Pay Commission Pay estimated by GConnect and also for 7th CPC Pay proposed by JCM Seperately.

 

Present PB and GP	6CPC Minimum Basic pay	7th PayCommissionPay estimated by GConnect	JCM / Confederation proposed 7CPC Basic Pay	% increase in 7cpc pay estimated by GConnect	% increase in 7cpc pay as proposed by JCM
PB-1 GP 1800	7000	21240	26000	35%	65%
PB-1 GP 1900	7100	21520	31000	35%	94%
PB-1 GP 2000	7200	21790	33000	35%	104%
PB-1 GP 2400	7600	22890	41000	34%	140%
PB-1 GP 2800	8000	23970	46000	33%	156%
PB-2 GP 4200	13500	40660	56000	34%	84%
PB-2 GP 4600	13900	41760	66000	34%	111%
PB-2 GP 4800	14100	42310	74000	33%	133%
PB-2 GP 5400	14700	43950	78000	33%	136%
PB-3 GP 5400	21000	63700	88000	35%	86%
PB-3 GP 6600	22200	66990	102000	34%	104%
PB-3 GP 7600	23200	69720	120000	34%	130%
PB-4 GP 8700	46100	141100	139000	36%	34%
PB-4 GP 8900	46300	141650	148000	36%	42%
PB-4 GP 10000	47400	144660	162000	36%	52%
PB-4 GP 12000	49400	150130	193000	35%	74%

Appointment of Secretary to Gramina Dak Sevak Committee

Dept of Posts has constituted Gramina Dak Sewak Committee to go through the issues relating to Gramina Dak Sewaks and submit a report to Department. Now the Postal Directorate has appointed Sri T.Q.Mohammad (IPoS 1994), PMG, Agra region UP Circle as Secretary of the said Gramina Dak Sewak Committee vide Order dated 09.11.2015.

NJCA

National Joint Council of Action

4, State Entry Road, New Delhi – 110055

No. NJCA/2015                                                                             November 10, 2015

All Members of NJCA

 Sub:-   Observance of All India protest day on 19th November 2015

Dear Comrade,

            All of you may recall that the NJCA in its meeting held on 30^th September 2015 in Delhi after considering the delay in submission of the report of the 7th CPC as also broadly taking stock the speculating and detail deliberations, unanimously decided to defer the proposed Indefinite  General Strike of the Central Government Employees till next Budget Session and symmetrically it was also resolve to observe 19th November 2015 as Joint Nation wise protest day to all the country to press upon the Government of India to resolve the long pending

legitimate demands of all the Government Employees.

            All of you are therefore accordingly requested to take all necessary steps to jointly observe protest day on 19th November 2015. As per decision taken by the NJCA in the said meeting the member of the NJCA shall stage one day Dharna at Jantar Mantar in New Delhi on the said day.

Charter of Demands

1.         Effect wage revision of Central Government employees from 1.12014 accepting the memorandum of the staff side JCM; ensure 5-year wage revision in future; grant interim relief and merger of 100% of DA. Ensure submission of the 7th CPC report with the stipulated time frame of 18 months; include Grameen Dak Sewaks within the ambit of the 7^th CPC. Settle all anomalies of the 6th CPC.

2.         No privatisation, PPP or FDI in Railways and Defence Establishments and no corporatisation of postal services;

3.         No Ban on recruitment/creation of post.

4.         Scrap PFRDA Act and re-introduce the defined benefit statutory

pension scheme.

5.         No outsourcing; contractorisation, privatization of governmental functions; withdraw the proposed move to close down the Printing Presses; the publication, form store and stationery departments and Medical Stores Depots; regularise the existing daily rated/casual and contract workers and absorption of trained apprentices;

6.         Revive the JCM functioning at all levels as an effective negotiating forum for settlement of the demands of the CGEs.

7.         Remove the arbitrary ceiling on compassionate appointments.

8.         No labour reforms which are inimical to the interest of the workers.

9.         Remove the Bonus ceiling;

10.       Ensure five promotions in the service career.

Report of the protest may be forwarded to this office accordingly.

With best wishes for Diwali, Chat, Bhai Duj and Guru Parv.

Comradely yours,

(Shiva Gopal Mishra)

Convener

FAQ : ALL ABOUT SOVEREIGN GOLD BOND

Sovereign Gold Bond Scheme 2015

1. What is Sovereign Gold Bond (SGB)? Who is the issuer?

SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India.

2. Why should I buy SGB rather than physical gold? What are the benefits?

The quantity of gold for which the investor pays is protected, since he receives the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in the books of the RBI or in demat form eliminating risk of loss of scrip etc.

3. Are there any risks in investing in SGBs?

There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.

4. Who is eligible to invest in the SGBs?

Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts, universities, charitable institutions, etc.

5. Whether joint holding will be allowed?

Yes, joint holding is allowed.

6. Can a Minor invest in SGB?

Yes. The application on behalf of the minor has to be made by his / her guardian.

7. Where can investors get the application form?

The application form will be provided by the issuing banks/designated Post Offices/agents. It can also be downloaded from the RBI’s website. Banks may also provide online application facility.

8. What are the Know-Your-Customer (KYC) norms?

Know-Your-Customer (KYC) norms will be the same as that for purchase of physical form of gold. Identification documents such as Aadhaar card/PAN or TAN /Passport / Voter ID card will be required. KYC will be done by the issuing banks/Post Offices/agents.

9. What is the minimum and maximum limit for investment?

The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be two grams with a maximum buying limit of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.

10. Can I buy 500 grams in the name of each of my family members?

Yes, each family member can hold the bond if they satisfy the eligibility criteria as defined at Q No.4.

11. Can I buy 500 grams worth of SGB every v year?

Yes. One can buy 500 grams worth of gold every year as the ceiling has been fixed on a fiscal year (April-March) basis.

12. Is the limit of 500 grams of gold applicable if I buy on the Exchanges?

The limit of 500 grams per financial year is applicable even if the bond is bought on the exchanges.

13 What is the rate of interest and how will the interest be paid?

The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

14. Who are the authorized agencies selling the SGBs?

Bonds are sold through scheduled commercial banks and designated Post Offices either directly or through their agents like NBFCs, NSC agents, etc.

15 Is it necessary for me to apply through my bank?

It is not necessary for the customer to apply through the bank where he/she has his/ her account. A customer can apply through another bank or Post Office.

16. If I apply, am I assured of allotment?

If the customer meets the eligibility criteria, produces a valid identification document and remits the application money on time, he/she will receive the allotment.

17. When will the customers be issued Holding Certificate?

The customers will be issued Certificate of Holding on the date of issuance of the SGB. Certificate of Holding can be collected from the issuing banks/Post Offices/agents or obtained directly from RBI on email, if email address is provided in the application form.

18. Can I apply online?

Yes. A customer can apply online through the website of the listed scheduled commercial banks.

19. At what price the bonds are sold?

Price of bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA). The issue price will be disseminated by the Reserve Bank of India

20. Will RBI publish the rate of gold applicable every day?

The price of gold for the relevant tranche will be published on RBI website two days before the issue opens.

21. What will I get on redemption?

On maturity, the redemption proceeds will be equivalent to the prevailing market value of grams of gold originally invested in Indian Rupees. The redemption price will be based on simple average of previous week’s (Monday-Friday) price of closing gold price for 999 purity published by the IBJA.

22. How will I get the redemption amount?

Both interest and redemption proceeds will be credited to the bank account furnished by the customer at the time of buying the bond.

23. What are the procedures involved during redemption?

The investor will be advised one month before maturity regarding the ensuing maturity of the bond.

On the date of maturity, the maturity proceeds will be credited to the bank account as per the details on record.

In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/PO promptly.

24. Can I encash the bond anytime I want? Is premature redemption allowed?

Though the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after fifth year from the date of issue on coupon payment dates. The bond will be tradable on Exchanges, if held in demat form. It can also be transferred to any other eligible investor.

25. What do I have to do if I want to exit my investment?

In case of premature redemption, investors can approach the concerned bank/Post Office/agent thirty days before the coupon payment date. Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date. The proceeds will be credited to the customer’s bank account provided at the time of applying for the bond.

26. Can I gift the bonds to a relative or friend on some occasion?

The bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q. no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.

27. Can I use these securities as collateral for loans?

Yes, these securities are eligible to be used as collateral for loans from banks, financial Institutions and Non-Banking Financial Companies (NBFC). The Loan to Value ratio will be same as applicable to ordinary gold loan mandated by the RBI from time to time.

28. What are the tax implications on i) interest and ii) capital gain?

Interest on the Bonds will be taxable as per the provisions of the Income-tax Act, 1961(43 of 1961). Capital gains tax treatment will be the same as that for physical gold.

29. Is tax deducted at source (TDS) applicable on the bond?

TDS is not applicable on the bond. However, it is the responsibility of the bond holder to comply with the tax laws.

30. Who will provide other customer services to the investors after issuance of the bonds?

The issuing banks/Post Offices/agents through which these securities have been purchased will provide other customer services such as change of address, early redemption, nomination, etc.

31. What are the payment options for investing in the Sovereign Gold Bonds?

Payment can be made through cash/cheques/demand draft/electronic fund transfer.

32. Whether nomination facility is available for these investments?

Yes, nomination facility is available as per the provisions of the Government Securities Act 2006 and Government Securities Regulations, 2007. A nomination form is available along with Application form.

33. Is the maximum limit of 500 gms applicable in case of joint holding?

The maximum limit will be applicable for the first applicant in case of a joint holding for the specific application.

34. Are institutions like banks allowed to invest in Sovereign Gold Bonds?

There is no bar on investment by banks in Sovereign Gold Bonds. These will qualify for SLR.

35. Can I get the bonds in demat form?

The bonds can be held in demat account.

36. Can I trade these bonds?

The bonds are tradable on stock exchanges from the date to be notified by RBI. The bonds can also be sold and transferred as per provisions of Government Securities Act.

37. Can I get part repayment of these bonds at the time of exercising put option?

Yes, part holdings can be redeemed in multiples of one gm.

Courtesy : Potools

Sovereign Gold Bonds scheme to be launched by PM Modi: Top 10 things to know

 

The Reserve Bank of India (RBI) has issued operational guidelines for Sovereign Gold Bonds scheme, 2015-16, to be launched by Prime Minister Narendra Modi on Thursday. (Reuters)

The Reserve Bank of India (RBI) has issued operational guidelines for Sovereign Gold Bonds scheme, 2015-16, to be launched by Prime Minister Narendra Modi on Thursday. Besides Sovereign Gold Bonds, Modi will also launch two other gold related schemes – Gold Monetisation Scheme (GMS) and the Gold Coin and Bullion Scheme. Here are 10 points to know about the Sovereign Gold Bonds scheme:

1. Issuing the operational guidelines on the gold bonds, RBI said application forms from investors will be received at branches during normal banking hours from November 5 to 20. “Relevant additional details may be obtained from the applicants, where necessary. Receiving offices need to ensure that the application is complete in all respects,” it said.

2. Investors will be compensated at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial value of investment.

3. RBI said applicants will be paid interest on application money at prevailing savings bank rate from the date of realisation of payment to the settlement date (the period for which they are out of funds).

4. In case the applicant’s bank account is not with the receiving bank, the interest has to be credited by electronic fund transfer to the account details provided by the applicant, the guidelines said. It added that banks may engage NBFCs, NSC agents and others to collect application forms on their behalf. Banks may enter into arrangements or tie-ups with such entities.

5. Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e-kuber system. The e-kuber system can be accessed either through Infinet or Internet.

6. Cancellation of application is permitted till the closure of the issue (November 20). Part cancellation of submitted request for purchase of gold bonds is not permitted. No interest on application money needs to be paid if the application is cancelled.

7. Sovereign Gold Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the Sovereign Gold Bonds will be for a period of 8 years with exit option from 5th year.

8. The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them, the Finance Ministry said in a statement.

9. The Indian gold coin is a part of the Gold Monetisation Programme. The coin will be the first ever national gold coin and will have the National Emblem of Ashok Chakra engraved on one side.

10. The Sovereign Gold Bonds will be issued on November 26.

Source : http://www.financialexpress.com/

WISHING ALL THE READERS AND COMRADES A HAPPY HEALTHY AND PROSPEROUS DEEPAVALI !

Bihar Results To Push Seventh Pay Commission Implementation

New Delhi: With the BJP-led NDA getting trounced in Bihar assembly polls, is likely to push the implementation of the Seventh Pay Commission in April, a move seen by many as a major sop ahead of five state elections in May.

In Bihar, the Grand Alliance of Chief Minister Nitish Kumar’s Janata Dal-United, Lalu Prasad Yadav’s Rashtriya Janata Dal and the Congress won 178 seats in the 243-member assembly.

The Prime Minister Modi’s party carried out the same campaign strategy as it had done during the disastrous February Delhi polls, ironically, with the same humiliating results.

After it swept the Lok Sabha polls, the BJP faced a major defeat in Delhi and Bihar State elections, party strategists say the party paid a heavy price because of government employees’ worries with inflation.

The Narendra Modi government’s anti-government employees’ decisions also upset government employees, a central government employees’ union leader said.

“We realised that government employees are upset as it is becoming difficult for them to manage their household expenses with the high inflation rate. They were clearly against us not to merge 50 percent dearness allowance with basic pay before implementation of Seventh Pay Commission,” a central minister told us.

“There was a sense of insecurity among government employee who feared the media rumours that the pay commission is planning to recommend the retirement age of government employees as the completion of 33 years of service, or at the age of 58, whichever comes first. We want to prove the false media rumours to implement pay commission soon,” said the minister.

Accordingly, Central government will implement the recommendations of the Seventh Pay Commission in April after fund allocation in budget 2016-17, which will be possible pre-election “special packages” for Assam, Kerala, Tamil Nadu, West Bengal and Puducherry, which are all due for polls by May 2016.

The Seventh Pay Commission, which was set up by the UPA government, was required to submit its report by August-end.

The government constitutes the Pay Commission almost every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications.

The Commission has already completed discussions with various stakeholders, including organisations, federations, groups representing civil employees as well as Defence services and is in the process of finalising its recommendations.