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EPFO decided 9.5 pc interest on PF and not to invest in stock markets

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EPFO decided 9.5 pc interest on PF and not to invest in stock markets

EPFO for 9.5 pc interest on PF; not to invest in bourses

The EPFO on Tuesday stuck to its decision that about 4.71 crore subscribers of the pension fund should get one per cent increase in interest on their deposits for 2010-11, pegging the rate of interest at 9.5 per cent.

The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) also decided not to invest in stock markets.

After a two-hour meeting of the CBT, Labour and Employment Minister Mallikarjun Kharge expressed hope the finance ministry will shortly give its concurrence to the proposal.

"I hope that after we answered all clarifications, they (Finance Ministry) will approve it (9.5 per cent interest rate for 2010-11)," he told reporters on the finance ministry's reservation on 9.5 per cent recommended by the Central Board of Trustees of Employees Provident Fund Organisation (EPFO) in September last.

"As far as 9.5 per cent interest (2010-11) is concerned, the Finance Ministry had sought some clarifications. Those clarifications have been sent by Labour Secretary to the Finance Ministry," Kharge added.

Downplaying the ongoing tussle between the two ministries over hiking the interest rates on PF deposits, Kharge said there was "no tussle between the two ministries over giving 9.5 per cent interest rate."

"These are just consultations between the two ministries. They had certain queries and when we satisfy them. They will definitely approve it," Labour Secretary P C Chaturvedi later explained.

Although CBT, which is headed by labour minister, had decided to give a higher return of 9.5 per cent on provident fund deposits for 2010-11, the Finance Ministry had expressed its opposition to the move.

Following discovery of Rs 1,731.57 crore in suspense account, the EPFO trustees favoured raising the rate of interest on provident fund deposits to 9.5 per cent for its 4.71 crore subscribers from 8.5 per cent which is being paid by EPFO since 2005-06.

The decision, however, did not find favour with the Finance Ministry which argued that there was no real surplus.

It said the surplus shown by the EPFO arose because all subscribers' accounts were not updated.

In a recent letter of 29th January, the Labour Ministry argued the EPFO is not asking for any government support for the extra returns to the salaried workers.

It is their money which has earned returns.

The Finance Ministry's objections were based on a report by Comptroller and Auditor General which suggested that there was no surplus with the EFFO's interest suspense account.

Source: DDI News

Reckoning of period spent on Study Leave for earning leave

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RBE No. 01/2011



New Delhi, dated 04-01-2011

The General Managers/FA & CAOs,
All Zonal Railways & PUs
(As per mailing list)

      Sub: -Reckoning of period spent on Study Leave for earning leave.

      In terms of Sub-rule (2) under Sub-heading – Counting of study leave for promotion, pension, seniority, leave and increments of Rule 556 of the Railway Services (Liberalised Leave) Rules, 1949, of the Indian Railway Establishment Code Vol. 1, 1985 Edition, the period spent on study leave shall not count for earning leave other than half pay leave under the Liberalised Leave Rules. The matter has been under consideration in consultation with the Department of Personnel & Training and it has been decided that the period spent on study leave shall be counted for earning both Leave on Average Pay and also Leave on Half Average Pay. These orders shall be effective from the date of issue of this letter.

2.       Accordingly, in exercise of the powers conferred by the proviso to Article 309 of the Constitution, the President is pleased to direct that Sub-ryke (2) ybder Sub-heading-Counting of study leave for promotion, pension, seniority, leave and increments of Rule 556 of the Railway Services (Liberalised Leave) Rules, 1949, of the Indian Railway Establishment Code Vol. 1, 1985 Edition may be amended as per Advance Correction Slip No. 115 enclosed

Dy. Director Finance (Estt.)III,
Railway Board.

Source: AIRF

Travelling Allowance Rules- Implementation of the recommendations of the Sixth CPC

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G.I.,  M.F., O.M. No.19030/3/2008-E.IV dated the 24th January, 2011

Travelling Allowance Rules- Implementation of the recommendations of the Sixth CPC

The undersigned is directed to refer to this Department’s OMs of even number dated 23.09.2008 and 08.06.2010 on the subject cited above and to say that references have been received whether the revised rates are to be reckoned from the place of origin or the destination for transportation of personal effects by road.

2. The matter has been considered in this Ministry and it is clarified that the higher rates of road mileage prescribed for ‘X’ and ‘Y’ class cities would be admissible for transfers within ‘X’ and Y’ class cities; ‘X’ to Y’ class cities and vice-versa; and from X’/’Y’ class cities to ‘Z’ class cities and vice-versa. In all other cases of transfers within ‘Z’ class cities, the rates prescribed for ‘Z’ class cities shall be admissible.

Source: www.finmin.nic.in


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