Sunday, 31 August 2014

Government to increase dearness allowance to 107%, up from 100%

Government is likely to approve a hike in dearness allowance (DA) to 107% from the existing 100%, benefiting around 30 lakh Centre's employees and its 50 lakh pensioners including dependents.
"The average rate of retail inflation for industrial workers from July 1, 2013 to June 30, 2014 works out to be 7.25%. Thus the Central government will hike dearness allowance for it employees by 7%," an official said.
He said the Finance Ministry will now put a Cabinet proposal for approval of 7% DA hike from July 1 this year as the revised Consumer Price Index-Industrial Workers data for June was released by Labour Ministry yesterday.
With increase in DA, the pensioners will also gain as the benefit provided to them as dearness relief will be hiked to 107% of basic pay.

Tuesday, 26 August 2014

Provident Fund interest rate will be at 8.75% for current fiscal

NEW DELHI: Retirement fund body EPFO’s trustees on Tuesday decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent. 

“It has been decided to pay 8.75 per cent interest in the current fiscal,” Central Provident Fund Commissioner (CPFC) K K Jalan told PTI after the meeting of the Central Board of Trustees (CBT), the apex decision making body of the Employees’ Provident Fund Organization (EPFO). 

The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund. 

The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT, sources said. 

The final notification for payment of the interest rate for the current fiscal will be issued by the finance ministry later.

The EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14, which was higher than 8.5 per cent paid for the previous fiscal.
Source..govemployees

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