ISRO news

Here is a couple of news items came up in the media. This may be of interest to you .

ISRO has developed a software solution to geo-tag all Post Offices in our country. Its a civilian application that aims to improve the speed and coverage of  our Post Office system.

"Space Information System for Village Planning and Coordination of activities " is being demonstrated .


The next giant leap in Space missions is on the way ..  22 satellites will be launched in the next PSLV flght (PSLV-C34 ) . 18 of them are foreign Satellites.  The launch is scheduled fr May this year.


The first test flight of the Reusable Launch Vehicle is scheduled for May this year. 

7CPC implementation in June

Reports from many corners, quoting mid-term polls in 5 States , says that Govt will issue 7CPC implementation orders in June 2016.

6 % DA announced, wef 1-1-2016

Govt, yesterday, approved the payment of  6 % DA (wef 1-1-2016 ) to the Central employees and pensioners. That makes the total DA to 125 %.

But, interestingly, the Minister says its a "Holi Gift" !  Media celebrates this as if Govt has shown mercy to give a Gift on the occasion of Holi.

May be, the public is not aware that  this "Gift" is not any gift.  Every year , on 1st Jan and 1st July, such additional DA is being paid. That's in accordance with the accepted rules. Its not anybody's gift.

What' s a gift ?  Somebody giving you something, to express a feel of happiness and good relations. This is not based on any rule !

What's DA ?  DA is a  financial compensation paid  to the employees and pensioners to neutralise the impact of inflation. Infact, the two time DA increases given last year didnot really neutralise the inflationary loads.  Cost of living went up over 20%, when only 12 % DA was given.

So, is the DA now paid now a gift ??

Thankful to the media, they also say that the DA hike will provide some stimulus to the economy. So also the 7CPC and OROP implementations.

Full pension to Pre-2006 pensioners with gt 20 years and lt 33 years

A Very Good News !!
Latest reports say that  Govt  has agreed to implement the CAT order on Full Pension for Pre-2006 retirees with more than 20 years and less than 33 years service, within a month .

Govt  gave an assurance that a compliance affidavit on  this will be filed before 31-3-2016.

Thats certainly a good news.

Sunset - The inevitable endgame

I have today, a subject that most Seniors would not like to think or discuss with. But my provocation is the article in today's TheHindu ( Open Page) by a very Senior person . I am reproducing the article below, for your quick reading.

Prof. Padmanabhan writes on the topic based on the famous book "Being Mortal "  by  Dr. Atul Gawande (USA based). The author summarises by saying " Death itself doesnot scare me , it is the process " . And, he wish " anayasena maranam ! " as happened to our great Dr. Abdul Kalam !!

Does this trouble you ??

List of Banned Medicines - March 2016

A list of Medicines banned recently by the Govt has now been pubicised. Please click below to read the list.

List of   Banned Medicines -  March 2016

Since the Brand / Product name of these  medicines in the market are not given, it may not serve any purpose for us.  However the list is given here, should you need to find the formulations.

Responses to slashing PPF interest rates

Responses to slashing PPF interest rates

Not only individuals but large Banks too responded to the recent slash of interest rates on small savings.  SBI, in a research paper  ( ! ) suggested that :

Instead of cutting the interest rate on PPF , Govt should have based it on investor's age. An age-wise interest structure would be ideal. The rate should be higher than the market rates for investors above the age of 45.

The current 15 year lock-in period for PPF also should be removed.
And SBI gives many more suggestions !

In the meanwhile, Fin Minister said :
" There cannot be a situation where the bank lending rates have to come down  but the deposit rates are high. They both are linked "

Interest rates slashed - Kingfishers are happy !

Do you remember that a warning was given 4 months back that the interest rates on small savings will be down shortly ?  Now that happens !

Yesterday,  Govt announced the slashing of interest rates for all Small Saving schemes .
Now PPF will earn only 8.1 % against 8.7 % last year.
All term deposits will also be down by 0.6 to  1.3 % (depending on the term).




Who loses ?   Yes we retired people !

But think about "Who benefits ? "




No doubt, the Banks and Kingfishers !!  With lower interest rates,  the money outgo will be less. ie. the Banks will have more money to lend. That gives plenty of opportunities for the king-fishers to get their bates.  The banks are already ready for new kingfishers !!

7CPC implementation by end May

The indications are that the 7CPC Implementation will happen after the Mid-term Polls in May 2016. 
Orders for that effect are expected by end May 2016. 

75 % budget provided for 7CPC in 2016-17

Govt has already geared up the process of implementation of 7CPC by appointing an Empowered Committee  and has also formed 7CPC -  Implementation Cell as an administrative set up for Empowered Committee. The latest reports say,  Govt has budgeted to meet nearly 75% of the estimated cost of the 7CPC implementation in 2016-17.

OROP - It's happening

Let's all be happy !  It's happening !!

Defense Ministry confirmed that the revised benefits under OROP scheme  had been disbursed to over 2 Lakh Defense pensioners. The payments include the revised pension and first installment of arrears. For the remaining family pensioners the payment will be completed by end March.

PSLV-C32 and IRNSS-1F

ISRO's sixth navigation satellite IRNSS-1F is all set to be launched on board trusted workhorse PSLV C32 today at 4 pm.



ISROfef  congratulates the ISRO team , in advance , for this achievement.

Reinstating allowances

Good news for Central Govt employees !  
After the roll-back of the EPF taxation , now Reports say that the Government , on pressure from trade unions ,  may agree to reinstate many of the allowances that were subsumed by the 7CPC.  
But there's nothing more to rejoice for the pensioners.

7CPC and OROP - Fin Min confirms fund allocations

Is it an end to the confusions ?  Whether or not budgetary provisions are made in 2016-17 budget for 7CPC and OROP. ?

It seems so . The Finance Ministry had now clarified that " close to 1 Lakh crore is provided for higher salaries and pensions on account of 7CPC and OROP implementation.

The figures are like this :

20000 crore for OROP
 ( 14000 crore for OROP and 7500 for higher Defense pensions due to 7CPC )

70000  crore for 7CPC  for higher salaries and pensions for CG employees / pensioners.

Fin Minister had clarified that this amountis not separately provisioned. But they are factored in the allocations to the Departments.

Reminder ... It's Tax time

Just to remind you that .....

It's time for payment of  Income Tax . Tax , if any due for this FY, should be paid on or before  15th March.

Budget Allocation for 7CPC Pay and Pension Hike is TRUE

“Missing: $15 billion lost somewhere in India’s 1,500-page budget” .

Bloomberg, a business analysis and TV & internet media, had earlier reported that an amount equivalent to US$ 15 Billion which is to be paid to CG Employees and Pensioners as result of implementation of 7CPC in the year 2016-17, has not been taken in to account in the Budget 2016-17.

But now another agency, Livemint, has come out with a finding. They said :

"The first place to look for is under non-plan expenditure, and a table titled “Estimated strength of establishment and provision thereof”. This details how many employees are there in 56 government departments (excluding Defence) and how much the government has budgeted to pay their salaries: an increase of Rs.65,690 crore in 2016-17. Thus, we have accounted for around 65% of SPC’s impact.

The second place to look for is pensions, the details of which are again provided under non-plan expenditure. This shows the government has budgeted for an increase of Rs.37,066 crore.”

Thus, the total increase in salary and pension bill in 2016-17 is Rs.102,756 crore. However, there is one rider. The pension liabilities include increased outgo on account of implementing the OROP scheme.

What’s “missing” is $1 billion and not $15 billion.”

That's Good News !

"

Lower increase in Pay hikes

A report in GConnect says that :
The government has managed to stick to the lower fiscal deficit target partly by provisioning for a lower outgo on account of the 7CPC and the OROP scheme. As per the government, around Rs 70,000-75,000 crore has been provided for in fiscal 2017. This is only about 65% of the total amount, in our view, and suggests that the government will either accept a lower increase (relative to the recommendations) or will stagger the pay hikes over two years.

Did you get the idea ?

VSSC Highlights 2015

VSSC Highlights 2015
The annual Newsletter for former employees -  is now available. You would have already got it OR it must be on the way to you  !

For a digital copy of the VSSC -Highlights (all issues from 2005 )  , contact me at isrofef@gmail.com. Requests should be with your identity.

Alarming Notes to note

Over 6 Lakh posts in various Central Govt ministries are vacant. This info was  given to Rajya Sabha last day. ( This includes over 5000 posts in ISRO too  ! )


CBI Director, on 2 March,  said :   "   Banks and SEBI are slow to act against the wilful defaulters. .....  No one seems accountable. The message to the public is that the rich/powerful are able to avoid consequences of cheating and fraud while ordinary citizens are promptly booked. "

7CPC implementation - Funds NOT allocated ?

Did you note that the FM in his budget document presented last day ,  did not give any figures for the fund allocated for 7CPC implementation ?  He just stated that provision is made !

But "BUDGET" is a financial plan document which must clearly state the money matters in NUMBERs.  And not in mere statements !

Now , the Economic Affairs Secretary has clarified that :  " the OROP us fully provided for. Similarly interim provisions have been made for the Pay Commission report. However , we will await the Committee of Secretaries report before taking a final decision. If additional provisions need to be made, we can do it later. "

So this means that 7CPC implementation is in a fluid state , even now. 

Tax on PPF ?

Is PPF taxable ?  In the absence of clarity in budget presentations , this was a doubt raised by many. But don't get worried over that !

The Govt has now clarified that the popular PPF scheme will continue to stay out of the tax ambit and that tax will be levied only on accrued interest on 60 percent of EPF contribution.