Monday, February 29, 2016

Finance Minister not given assurance for reviewing the retrograde recommendations of 7th CPC – NFIR

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Finance Minister not given assurance for reviewing the retrograde recommendations of 7th CPC – NFIR

NFIR
National Federation of Indian Railwaymen
3, Chelmsford Road, New Delhi 110 055

Press Statement of M.Raghavaiah, General Secretary

Finance Minister Arun Jaitley’s Budget (2016-17) failed to address the genuine aspirations of working class.

The Income Tax Exemption limit for serving and retired Central Government employees has not been revised.

The Fixed Medical Allowance for Retired Central Government employees has not been raised to Rs. 2000/- p.m. from the existing Rs. 500/- p.m., resulting continued hardship to Retired Central Government employees who live in remote places and small towns where medical facilities not provided.

The Finance Minister has not spoken on the employees’ demand for abolition of New Pension Scheme.

It is sad to note that the Finance Minister has not given assurance for reviewing the retrograde recommendations of 7th Central Pay Commission although he said that a Committee has been constituted.

The Workers’ of Government Sector, Private as well Unorganized Sectors are disappointed over the Budget announcements.

Mr.Raghavaiah, General Secretary, NFIR has urged upon the Prime Minister to accept Railway Minister’s proposal sent in November, 2015 and see that Railway Employees are exempted from New Pension System.

sd/-
(M.Raghavaiah) 
General Secretary

Source: NFIR

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Consumer Price Index for Industrial Workers (CPI-IW) – January, 2016

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Consumer Price Index for Industrial Workers (CPI-IW) – January, 2016


AICPIN FOR JAN 2016

No.5/1/2016 - CPI
GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU


CLEREMONT, SHIMLA-171004
DATED: 29th February, 2016


Press Release

Consumer Price Index for Industrial Workers (CPI-IW) – January, 2016

The All-India CPI-IW for January, 2016 remained stationary at 269 (two hundred and sixty nine). On 1-month percentage change, it remained static between December, 2015 and January, 2016 when compared with the rise of 0.40 per cent between the same two months a year ago.

The largest upward pressure to the change in current index came from Housing group contributing (+) 1.11 percentage points to the total change. At item level, Wheat, Wheat Atta, Groundnut Oil, Fish Fresh, Eggs (Hen), Goat Meat, Poultry (Chicken), Milk (Buffalo & Cow), Garlic, Sugar, Bidi, Firewood, Medicine (Allopathic), Barber Charges, Flower/Flower Garlands, Tailoring Charges, etc. are responsible for the increase in index. However, this increase was checked by Rice, Arhar Dal, Gram Dal, Masur Dal, Moong Dal, Urd Dal, Mustard Oil, Coconut Oil, Onion, Vegetable and Fruit items, Petrol, etc., putting downward pressure on the index.

The year-on-year inflation measured by monthly CPI-IW stood at 5.91 per cent for January, 2016 as compared to 6.32 per cent for the previous month and 7.17 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 7.61 per cent against 7.94 per cent of the previous month and 7.81 per cent during the corresponding month of the previous year.

At centre level, Haldia reported the maximum increase of 8 points followed by Jamshedpur (7 points) and Labac-Silchar (5 points). Among others, 4 points increase was observed in 6 centres, 3 points in another 6 centres, 2 points in 9 centres and 1 point in 14 centres. On the contrary, Bhilai recorded a maximum decrease of 9 points followed by Bokaro (6 points) and Ranchi-Hatia and Varanasi (4 points each). Among others, 3 points decrease was observed in 2 centres, 2 points in 11 centres and 1 point in 10 centres. Rest of the 13 centres’ indices remained stationary.

The indices of 34 centres are above All-India Index and other 40 centres’ indices are below national average. The indices of Salem, Varanasi, Jabalpur and Vishakhapathnam centres remained at par with All-India Index.

The next issue of CPI-IW for the month of February, 2016 will be released on Thursday, 31st March, 2016. The same will also be available on the office website WWW. labourbureaunew.gov.in.


sd/-
(SHYAM SINGH NEGI)
DEPUTY DIRECTOR GENERAL

Source: www.labourbureau.nic.in

Click to view in Hindi

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Annual Budget 2016 – Will the income tax slab increase? Or, will it not?

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Annual Budget 2016 – Will the income tax slab increase? Or, will it not?

“It is important to keep in mind the expectations of Central Government employees, who accurately calculate and set aside more than their one month’s salary to pay income tax each year.”

The annual budget of 2016 is being presented today. Expectations are high that Modi Government will fulfill the requirements of the farmers, industrialists and Central Government employees.

There are conflicting rumours that the income tax slab is likely to be raised this year. Some say that it wouldn’t. 

The Railway Budget was presented on February 25. The Annual Budget of 2016-17 will be presented at 12.00 PM today (February 29, 2016). This is the third general budget presented by the Modi Government’s Finance Minister Arun Jaitley. 

With the Government requiring more than Rs.1 lakh crore to implement the recommendations of the 7th Pay Commission, Arun Jaitley’s budget will reveal how the government intends to raise these funds, and for raising the capital required for the banks. 

The minimum income tax slab for individuals is currently Rs.2.5 lakhs. With increasing prices, the salaried class is eagerly expecting an increase in the tax slabs. Therefore, announcements regarding this are expected in the Budget. With assembly elections scheduled to be held in five states in the near future, the chances of raising the tax slabs are bright. 

With the subsidy burden increasing on the Government, the subsidies for those with annual income above a certain level, will very likely be cancelled. LPG subsidy is very likely to be stopped. And, the number of subsidized cylinders is also likely to be reduced. 

In order to increase the revenue for the government, indirect taxes are likely to be increased. Service taxes are likely to be increased from 14.5 percent to 18 percent. 

Since the import of gold has been increasing, the Rupee is fast losing its value against the US Dollar. Therefore, import tax on gold is likely to increase, according to the sources at the Finance Ministry. 

“The annual exams of the students are starting tomorrow. I’m writing my exams today. I’m confident that I will get through,” Prime Minister Narendra Modi said, about the Budget.

Updated news on Tax

No changes have been made to existing income tax slabs

1% service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.

Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.

Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.


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7th CPC Minimum Pay should be fixed 24000 in place of 18000 - BPMS Agitation

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