Saturday, August 27, 2016

Gratuity for Employees under NPS!

There was a talk that employees under NPS scheme are not entitled for Gratuity.
This was mentioned in the initial document of NPS scheme .
Later it was clarified , in parliament, that all employees are eligible to get Gratuity.
(I have posted the speech on Minister at that time)
Even then some section of employees are having doubts over eligibility.
Here is the official written document to confirm the eligibility for Employees under NPS scheme.
Hence Bank employees who joined on or after 01.04.2010 are eligible to get Gratuity as like employees under Old Pension Scheme.

Friday, August 26, 2016

 
 
 
With the continuous struggle and fight by the union's over years, Banks have started recruitment from 2009, after a gap of 15 years.

By these recruitments around 4.5 lac educated youth have entered into the Banking sector in the last 8 years.
(SBI and SBI associate Banks recruitment figures to be added )

From the above table , you may notice that number of recruits is drastically decreased for 2016-17 &2017-18 compared to previous years.

Does it mean that Banks are cautious on recruitment with "merger of Banks" in mind?
(It is quite unfortunate that Indian Bank's numbers are '0' for 2017-2018)

Moreover SBI associate Banks are going to be merged with SBI.
It is everybody's knowledge that there will be no recruitment in united SBI for atleast three years.

Who is at loss because of these developments?

It is unfortunate "educated unemployed youth".

Who is to fight for these youngsters , who are our brothers, sisters, son and daughters.?

It is only we , the existing employees (including the 4.5 lac employees recruited in proceeding years.)

Hence let us participate in the strike,
and make Sep.02nd Strike a grand success.

Friday, August 19, 2016


RTN.ASIA

SBI Merger:

Employees to get 15 days to decide between VRS and SBI job

 2016-08-18

Employees of associate banks will get only 15 days to decide whether to accept a new job with the State Bank of India or opt for voluntary retirement via an ‘option letter’ that will given to them as part of the merger of India’s largest bank with its four associates.

The terms and conditions regarding employees and their salaries also mention that these employees will get compensation that will be ‘no less favorable’ than what they were getting in their existing jobs prior to the transfer to the SBI.

Friday, July 29, 2016



CANDID TALK

A miserable 2 per cent

On June 30, headlines across newspapers were on the Union government having approved the Seventh Pay Commission recommendations. The Economic Times headline read, "Central staff hit pay dirt: An early Diwali". The newspaper said the government had accepted the recommendations doling out 'hefty' pay hikes. The salaries were expected to increase in the range of 14 per cent to 23 per cent. The bold fonts also announced that the lowest salary was to increase from Rs 7,000 per month to Rs 18,000. The highest salary, received by the cabinet secretary, was to go up to Rs 2,50,000 from Rs 90,000.
Sounds huge, does it not? But we need to analyse this. What is the bonanza and what are the hefty pay hikes which are speculated to be “fuelling inflationary pressures"?
Actually, the salary of Rs 7,000 and Rs 18,000 are not comparable. The equivalent of the Rs 7,000 basic salary, which was fixed 10 years ago and currently applicable with the dearness allowance added on, is Rs 15,750 (Rs 7,000 basic plus 125 per cent DA). In the salary of Rs 18,000 now announced, the DA is subsumed. Thus, a more accurate comparison would be the present salary of Rs 15,750 and the new salary of Rs 18,000. Similarly, the cabinet secretary at present receives Rs 2,02,500. The newspapers also announced that the total outgo as a consequence of the hike was expected to be Rs 1 lakh crore.
The comments on social media are more expressive! They question whether government employees actually deserve higher salaries: "Being paid more for what?", "More pay for less and less work", and "Babus don't deserve a hike." In fact, it is speculated that these increases will fuel inflation. Another school of thought believes that it will kickstart spending, thus generate demand and hence increased economic activity.
CANDID TALKIllustration: Bhaskaran
The Pay Commission is announced once in ten years. Thus any increase in basic salary comes about once in ten years. Even if we were to assume that this Pay Commission has brought about a hike of 20 per cent, it would tantamount to a simple rate of 2 per cent per annum. Which employee in the private sector would be content with a 2 per cent per annum hike? A couple of years ago, I was pleasantly surprised to hear of the bonus received by one of the youngsters in the family. I found that his annual bonus alone was more than the sum of the total salary earned by me over my entire career! He could afford at least two vacations abroad for himself and his kids every year, travelling business class. My wife and I have never been on any vacation as yet. At most, every year we visited our parents using up my earned leave or she would accompany me if I travelled on work. For him the weekend is a total break from work—he gets no official calls over the weekend. Mine was a 24x7 job when I could not refuse anyone who called me. Once when my wife reminded the caller that he had called on a holiday, he had the gumption to remind her that official phones were given to government functionaries so that they could be contacted all the time!
There is then the fear that the pay increase will cause financial difficulties to state governments. True, it will. However, prudent financial management requires constant mobilisation of resources. However, considering the fact that we have just about an election every year, to local bodies or state legislatures or the general election, very few governments can take appropriate measures to increase taxes or tap methods to raise resources. If you cannot take harsh decisions to raise resources, why blame government employees who get a paltry increase of 2 per cent per annum?
I acknowledge that government employees are not the most popular guys. To a large extent, we are to blame for this. This perception needs to be addressed and only we can do that with our own endeavours and actions. However, if the general public still continues to grudge the paltry increase, they must realise that if you pay peanuts you get only ..........!
Former comptroller and auditor general, Rai is chairman of Banks Board Bureau.

Tuesday, July 26, 2016

7th Pay Commission hikes notified, to bring cheers to 1 crore govt employees
Updated: Jul 26 2016 11:12 AM | Written by FE Online

7th Pay Commission hikes notified: The hike will result in increase in salaries in the range of Rs 7000 to Rs 18,000 per month. (PTI Photo)

Clearing the final hurdle towards payout of the 7th Pay Commission hike in salaries, the government has issued notification giving effect to the panel's recommendations. The notification was issued on Monday.

Monday, July 18, 2016

NPS App

Pension Fund Regulatory and Development Authority (PFRDA) has introduced new features for
the benefit of National Pension System (NPS) subscribers, including an mobile app.
According to the statement, through the mobile app, ‘NPS by NSDL e-Gov’, subscribers can raise a request for transaction statement for a particular financial year that will be sent to the registered mail ID at end of the day.
Now, the NPS subscribers can view his/her NPS account, latest details of scheme wise units along with latest NAV and the total value of the schemes, details of the last five contributions credited, can change contact details (Telephone/Mobile no/Email ID), change password/security Question add/modify his/her password and set security question (for password reset) through Mobile App, it added.
×The subscribers also can now update/modify their address on their own using Aadhaar based authentication.
The statement said a subscriber whose bank has not confirmed (rejected) his/her KYC verification request can now update the address details and confirm KYC using Aadhaar based authentication.
Besides, the eNPS subscribers can now access the Central Recordkeeping Agency (CRA) system immediately after registering without waiting for physical I-PIN to be dispatched.
Currently, NPS has over 1.13 crore subscribers with total asset under management of more than Rs 1.08 lakh crore.
PFRDA is mandated to promote old-age income security and has been entrusted with the responsibility to regulate, promote and ensure orderly growth of NPS and other pension schemes not regulated under any other enactment.
Mobile app is now available in Google Play store.