7CPC - Last date for memoranda extended to 31 July

The last date of submission of Memoranda to 7CPC is extended (from 31 May 2014)  to 31 July 2014.

PM witnessing PSLV Launch

The next launch of PSLV - C23 will carry a French Remote Sensing Satellite - SPOT 7 - along with other four satellites onborad. The launching is scheduled for 30th June from SHAR..
More important is that our Honourable Prime Minister, Sri. Narendra Modi will be witnessing this launch.

Memoranda to 7CPC- BPS

Highlights of  Memoranda to 7CPC   from Bharat Pensioners' Samaj

Suggestions for restructuring the existing pensionary scheme (only in respect of issues where the 7CPC is requested to consider improvements in the existing provisions).

- NPS may not be made applicable to the Govt.  employees. All those covered under NPS may be reverted back to the statutory Pension Scheme.

- Emoluments for calculation of Pension  should include :  Basic Pay, Any special pay or personal pay or deputation duty allowance, Dearness Pay, Non-practcing allowance(doctors), 75% of Running Allowance (Railways).

-  Rate of Pension : Full Pension at 67% of  Last Pay Drawn or 10 months average of emoluments , whichever is more beneficial.

-  Additional Pension : Based on Pensioner’s age – 70% at 65 years, additional 5% for every 5 years .

-  Minimum Pension – 100 % of minimum wage should be the minimum pension.

-  Merger of DA with Basic pay : automatic merger of DA, as and when the index crosses 50 %. Full DA merger before next CPC.

-  Parity between past and future pensioners :  Pay of every pre-2014 retiree should be notionally  re-determined , ( corresponding to the post from which the pensioner retired, and not corresponding to the scale from which he retired )  as if  he is  not retired and then the pension be computed under the revised rules  which are to be applicable to the post-2014 retirees.

-  Family pension :  Shall be 67% of the last pay drawn , for 10 years (or age 70 of the deceased). Additional pension of 20 % for every 5 years (from 65 years).

-  Gratuity : Calculate on the basis of 25 effective days (as against 30 days now) in a month.   Remove the ceiling of 16.5 times.

-  Commutation of Pension : Restore full pension after 10 years or 70 years whichever is earlier.

-  Medicare – CGHS, FMA – improvement  actions

-  Income Tax :  Pension should be net of Income Tax.

-  Housing :  Reserve a part of the residential units constructed by State/central housing boards and Corporations for purchase by Pensioners.  Allot vacant Govt Quarters to Pensioners on payment of license fee.  Construct single room tenements with other facilities, at convenient locations, and allot to pensioners on payment of a reasonable amount.

-  Travel concession :  Travel allowance/concession to any place in India , once in 4 years.

-  Resignation as Retirement :  Resignation after 20 years of service may be treated as retirement, and pension be paid accordingly.

-  CPF/SRPF retirees may be granted minimum pension.

-  Death relief to Pensioners family :  Death relief of Rs. 10,000/- may be extended to Pensioners spous , and family pensioners.

-  Family security Fund :  A Family Security Fund, with monthly contribution from Pensioners , may be set up. The family of the Pensioner may be granted a  lump sum of 1.0 Lakh , on the death of the Pensioner.

-  Pension adalat : Make mandatory on all Depts/Ministris/ to conduct adalats periodically and without fail.

SCOVA :  Upgrade the status of SCOVa, like other forms like JCM, with separate rules  granting recognition to Pensioner Organisations to give them representation in SCOVA.

{  Cortesy :  Bharat pensionaers Samaj }

Register your WILL ?

Should you register your WILL or not ?  Many would have adviced you that it's NOT essential.  But that's NOT true.
Supreme Court,  on 22 March 2013, ruled that "An unregistered WILL and without two witnesses is  nothing but a piece of paper in the eyes of Law". { Narinder Singh Rao Vs.  AVM Mahinder Singh ; Civil appeal No. 6918-6919  of 2011; By Honorable Justice Anil R Dave}.

So, be aware and  beware !

Income Tax Slabs - Yahoo report

Income Tax Slabs 

 

https://in.finance.yahoo.com/video/centre-may-increase-income-tax-094133251.html

With the common-man's expenditure pocket shrinking day by day, there might be a little to cheer about for all the taxpayers as there is a possibility of a slight reduction in direct taxes in the upcoming budget as Mr. Jaitley is likely to increase the slab of Income Tax Exemption from the current Rs 2 lakhs to Rs 5 lakhs as well as an additional exemption of Rs 50,000 for women and senior citizens.

PSLV - C23

The next launch of PSLV - C23 will carry a French Remote Sensing Satellite - SPOT 7 - along with other four satellites onborad. The launching is scheduled for 26th June from SHAR..

Tax relief for NPS withdrawals

PFRDA has sought Tax exemption for the National Pension Scheme (NPS)  withdrawals , on par with Provodent Funds and other superannuation funds.  This ia a step in popularisng the NPS.

Pension payment on retirement day

Pension payment on retirement day

Sri. Jitendra Singh,  Minister of State for Personnel, Public Grievances, and Pensions said that the Govt. has decided to give pension payment order to an employee on the day of his/her retirement. He also said the Department of Pension and Pensioners’ Welfare is working with the vision of ensuring the life of dignity for Pensioners.

( Ref : Business Line dt 13 June, Friday )

 

What's cooking ?

A newspaper report says :

A Secretary-level meeting has been convened on Thursday by the Central Govt. to discuss and adopt best practices on pension matters  with the States. The Ministry of  Personnel, Public Grievances, and Pensions will discuss ways to streamline the pension procedure with Secretaries in charge of State Govt’s pension departments.

Don't dream anything better

The  "Blueprint for a robust India" , presented by our Honorable President, yesterday in the Parliament, outlines the Govt's agenda for the next 5 years. Quite impressive, though it doesn't seem to contain anything special for the Senior Citizens and Govt pensioners.

Can we read that , we, Central pensioners don't have  to dream anything better. However, our brothers in Defense Depts have something to rejoice. Our new Govt  will implement the OROP for them. ( I thought our previous Govt had already implemented that ! )

Now, let's wait for the Budget !!

You may not like to discuss this

End-of-life  plan

The inevitable would strike a day. You are certain. So, one has to plan for this. Yes, this is about planning your end-of-life  ! 

That’s to  take care of  your spouse, to be stress free on your finances and wealth. That also includes  the medical care if you are incapacitated, how to apportion your assets, and making your spouse financially comfortable after your life-time.

A well-thought plan is essential for  ensuring a worry-free life for your spouse after your life-time.  This includes :

Health care planning for both

Financial planning for transfer and division of your wealth among spouse and children.

A Will would do for this purpose. A document should clearly say who will take decisions on your behalf, in case you are incapacitated. 

Take the following steps :

-          Ensure that all your Bank accounts, investments, deposits,  have your spouse as the nominee.

-          Operate a joint account, with sufficient money reserves (with atleast 12 months expenses as emergency fund.

-          Maintain a valid Debit card on this account, to facilitate easy withdrawal of money.

-          Have joint ownership of your immovable properties (land, buildings, )

-          Have a valid term insurance policy.

-          Invest  sufficiently in a monthly-income scheme to ensure monthly income for your spouse.

-          Involve your spouse in the end-of-life planning and documentation.