Amendment to Industrial Dispute Act

Amendment to Industrial Dispute Act

Government of India has recently formulated the National Manufacturing Policy to accelerate growth in the manufacturing sector. The new Policy has been notified by the Department of Industrial Policy & Promotion (DIPP). For implementation of the Policy, the DIPP has referred certain Action Points to the Ministry of Labour & Employment, which are presently under process in this Ministry. 

This information was given by the Union Labour & Employment Minister Shri Mallikarjun Kharge in reply to a written question in the Lok Sabha today. 

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Subscribers to NPS to Now have Choice of Annuity Service Providers

Subscribers to NPS to Now have Choice of Annuity Service 

Providers; PFRDA takes Important Step towards Providing an Exit Route to the Subscribers

Subscribers to the National Pension System (NPS) will now have a choice of Annuity Service Providers, from whom they can choose their annuity schemes on their exit from NPS on attainment of 60 years of age. Pension Fund Regulatory and Development Authority (PFRDA) has empanelled the following six IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS). 

1. Life Insurance Corporation of India

2. SBI Life Insurance Co. Ltd. 

3. ICICI Prudential Life Insurance Co. Ltd. 

4. Bajaj Allianz Life Insurance Co. Ltd. 

5. Star Union Dai-ichi Life Insurance Co. Ltd. 

6. Reliance Life Insurance Co. Ltd. 

under the provisions of NPS, a maximum of 60% of corpus accumulated at the time of exit, normally on the attainment of 60 years of age, can be withdrawn but a minimum of 40% corpus has to be utilized for purchasing an annuity from one of the empanelled annuity service providers. Subscriber can choose from any of the six above mentioned annuity service providers and can also make their choice of the annuity scheme from amongst the schemes being offered by these providers. 

With the above empanelment, PFRDA has taken an important step towards providing an exit route to the subscribers. 

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Functioning of Cooperative Banks

Functioning of Cooperative Banks

The Government of India had set a special Task Force in August 2004 under the Chairmanship of Prof. A. Vaidyanathan, to suggest an implementable action plan for reviving the Short Term Cooperative Credit Structure (STCCS). The main recommendations made by the Task Force inter-alia include: 

1. Financial package for STCCS covering accumulated losses and assistance to bring all cooperatives, including PACS to minimum CRAR of 7%. 

2. Technical assistance to cover the cost of training and capacity building to improve the financial, management skills and computerization.

3. Legal and Institutional Reforms in the State Cooperative Societies Act.

As a part of the approved package based on the above recommendations, 25 states have signed the Memorandum of Understanding (MoU), which are covered under the Revival Package (RP).

As per the Annual Policy Monetary Statement of RBI 2012-13 released on 17th April 2012, RBI has announced constituting a Working Group to review the functioning of the STCCS, which will undertake an in-depth analysis of the STCCS and examine various alternative with a view to reducing the cost of credit, including feasibility of setting up of a two-tier STCCS as against the existing three-tier structure. 

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

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Linking of GPF Interest Rates With EPFO

Linking of GPF Interest Rates With EPFO

The rates of interest on General Provident Fund (GPF) is 8% for the period from 1.4.2011 to 30.11.2011 and 8.6% from 1.12.2011 to 31.3.2012, whereas the rate of interest on EPF for the financial year 2011-12 is 8.25%. Rate of interest on EPF is fixed on the recommendation of the Central Board of Trustees (CBT) by the Employees Provident Fund Organisation (EPFO), Ministry of Labour and Employment based on the income earned on the accumulated fund during the financial year. However, rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on government securities of similar maturity. 

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Lok Sabha today

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Highlight of Civil Services Exam, 2011 Results

Highlight of Civil Services Exam, 2011 Results

Following are the important highlights of the Civil Services Examination, 2011, for which final result has been declared today.

The Civil Services (Preliminary) Examination, 2011 was conducted on 12th June, 2011. A record number of 4,72,290 candidates applied for this examination, out of which 2,43,003 candidates have actually appeared.

 11984 candidates were declared qualified for the Main written examination held in October-November, 2011 out of which 2417 candidates were selected for the Personality Test conducted in March-April, 2012. Finally, 910 candidates (715 male & 195 female) have been recommended for appointment to the IAS, IFS, IPS and other Central Services against 1001 reported vacancies. Vacancies unfilled presently are on account of 91 reserved community candidates qualifying on general standards. Depending on the options exercised by them finally, these vacancies will be filled by candidates recommended for the Reserve List that is maintained by the Commission.

 The First two positions have been taken by female candidates. The top 25 candidates include 19 male (including 01 visually challenged candidate) and 06 female candidates. In the top 100 candidates, there are 21 female candidates.

 Ms. Shena Aggarwal (Roll No. 233541) has topped the Examination. She has done MBBS from All India Institute of Medical Sciences, Delhi. This is her 3rd attempt.

 The 2nd ranker is Ms. Rukmani Riar (Roll No. 27895). She has done Master of Arts (Social Entrepreneurship) from Tata Institute of Social Sciences, Mumbai. The is her 1st attempt.

 The 3rd position is bagged by Shri Prince Dhawan (Roll No. 1804). He has done M. Tech (Elect. Engg.) from IIT, Delhi. This is his 1st attempt.

 The result also showcases the pan-Indian distribution of successful candidates of this Examination. Amongst the top 25 candidates, there are candidates claiming domicile from as many as 16 States, i.e., Andhra Pradesh, Assam, Bihar, Chattisgarh, Delhi, Haryana, Jammu & Kashmir, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamilnadu, Uttarakhand & Uttar Pradesh.

 The top 25 candidates include alumni from some of the premier educational institutions of the country including AIIMS, IIM and IITs. An alumnus of London School of Economics also figures in the top 25.

 The family background of top 25 candidates show diverse representation from all walks of the life which include farmer, teacher, businessman, army personnel, low and middle level govt. servants, doctors, advocate, professor & civil servants.

 Amongst top 25 candidates, 6 have made to the merit lift in their 1st attempt; 07 in 2nd attempt; 09 in 3rd attempt; and 01 each in 4th, 5th & 6th attempts. As many as 12 have already been recommended to services other than IAS on the basis of Civil Services Examinations of previous years.

 Of the top 25 candidates – 13 appeared from Delhi; 3 from Jaipur, 2 each from Mumbai & Chandigarh; and 1 each from Hyderabad, Chennai, Dispur, Patna & Jammu Centres.

source:PIB

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Technical Educational Institutions in North-Eastern States

Technical Educational Institutions in North-Eastern States

As per information given by the All India Council for Technical Education (AICTE), 96 institutions have been approved in North-Eastern States. Moreover, one Indian Institute of Technology (IIT) in Guwahati, one Indian Institute of Management (IIM) in Shillong and eight National Institutes of Technology (NITs) are also functioning in the North Eastern States. 

Under the scheme of ‘Sub-mission on Polytechnics under coordinated Action for Skill Development, the HRD Ministry provides one time financial assistance of Rs. 12.30 crore per polytechnic to the State Government for setting up of new polytechnics in unserved and underserved districts of the country, subject to State/UT Government providing free of cost land, meeting 100% recurring expenditure and also non-recurring expenditure beyond Rs. 12.30 crore, if any. In the North Eastern States, 66 districts are eligible for receiving the grants. Out of these 66 districts, 53 districts have been provided partial financial assistance of Rs. 187.48, including 5 districts in Nagaland. These polytechnics are at various stages of construction and provisioning of land. 

This information was given by Dr. D. Purandeswari, Minister of State for Human Resource in written reply to a question in Rajya Sabha today

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Amount under Employees Pension Fund Account

Amount under Employees Pension Fund Account

The Union Labour & Employment Minister Shri Mallikarjun Kharge has informed the Rajya Sabha today that Total amount held under Employees’ Pension Fund Account as on 31 March 2011 is Rs. 1,42,760.89 Crore. Interest income earned on the investment during 2010-11 is Rs. 10,732.67Crore. 

The stipulation regarding administrative expenses to be met from Employees Pension Fund has been done away with from 6th January 2007. As per Employees’ Pension Scheme, 1995, all administrative expenses are to be met from the Central Administration Account of the Employees’ Provident Fund. 

The Minister was replying to a written question in this regard.

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Modified Flexible Complementing Scheme based on 6th Central Pay Commission recommendations- regarding

No. AB-14017/37/2008-Estt(RR) 

Government of India 

Ministry of Personnel, Public Grievances & pension 

Department of Personnel & Training 

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New Delhi, Dated the 1 st  May , 2012 

OFFICE MEMORANDUM 

Subject:  Modified Flexible Complementing Scheme based on 6th Central Pay Commission recommendations- regarding 

Attention is invited to modified FCS for Scientists based on 6 th  CPC recommendations issued in this Department's OM of even number dated 10.9.2010. In pursuance of amendment to Central Civil Services (Revised Pay) Rules,2008 vide Ministry of Finance (Department of Expenditure) notification dated 16th  July, 2009, the entries "grade pay of Rs.12000 or lower" in Para (i) of the scheme shall be substituted with "HAG scale of Rs.67000-(annual increment @ 3%)-79000"

. 

2.  Promotion of Scientists in Department of Space, Atomic Energy and DRDO would be in accordance with the provisions under the Merit Promotion Schemes in these Departments. 

2.  Hindi version will follow. 

(Mukta Goel) 

Director 

23092479

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