Kharge rejects Finance ministry's 'advice'
Bangalore, Sep 18 (UNI) Union Labour Minister Mallikarjuna Kharge today said his Ministry will not heed to the 'advice' made by the Finance Ministry to invest 15 per cent of the funds in the Provident Fund account in stock market.
At present, only five per cent of the Rs 3,00,000 crore in the fund is being invested in the equity market under the strict advice of the financial consultants hired by the Employees Provident Fund Organisation (EPFO).
Speaking to UNI, Mr Kharge, who is the Chairman of the Central Board of Trustees of the EPFO, said safety of the PF funds will be of paramount importance for his ministry and the organisation would continue to invest only in recognised institutions like RBI, SBI, public sector units and other governmental organisations, which give guarantee of certain percentage of returns.
''We cannot take risk when it comes to the funds saved for years by the employees. PF is their lifetime savings and the only guarantee that will help them lead a comfortable retired life.
''Finance Ministry has asked us to increase the funds placed in open market to 15 per cent. But this will not happen. If the government gives us guarantee for our original capital and the returns in terms of interest or dividend, then we can see. But we cannot play into the hands of the open market'' he stressed.
Source: UNI India
Tuesday, September 21, 2010
Kharge rejects Finance ministry's 'advice'
Government of India
Ministry of Finance
Department of Expenditure
New Delhi, Dated 10th September, 2010
Subject: Rate of monthly subscription and insurance cover under CGEGIS-1980 for erstwhile Group 'D' employees placed in PB-1, Grade Pay Rs.1800/- and classified as Group 'C'.
The undersigned is directed to invite the attention of all Ministries/Departments of the Central Government to this Ministry's O.M. No.F.7(5)-EV/89 dated 15th May, 1989 updating the Central Government Employees Group Insurance Scheme, 1980.
2. The 6th Central Pay Commission in para 4.9.4. of its report has recommended that the rate of monthly subscription and the amount of insurance cover under the Central Government Employees Group Insurance Scheme (CGEGIS) should be enhanced 6 times. The Commission has also recommended up-gradation of Group D in the Government with all existing Group D employees being upgraded and placed in the entry grade of Group C. Accordingly, no separate slab for Group D has been recommended.
3. In view of the recommendations of 6th CPC, Department of Personnel & Training vide notification dated 9/4/2009 has classified the posts carrying the Grade Pay of 1800/- as Group C.
4. Therefore, it has been decided to enhance the monthly subscription towards CGEGIS and insurance coverage to the erstwhile Group 'D' employees placed in PB-1 with Grade Pay of 1800 and classified as Group 'C', @ '30/- per month from 1st January of the next calendar year i.e. January, 2011.
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