bonus
07:44
Showing posts with label bonus. Show all posts
Showing posts with label bonus. Show all posts
Thursday, 8 August 2019
Wednesday, 20 September 2017
Sunday, 20 August 2017
Sunday, 21 February 2016
EPFO planning one time bonus of Rs 750 crore for its subscribers in FY16
EPFO planning one time bonus of Rs 750 crore for its subscribers in FY16
The Employees' Provident Fund Organisation is considering doling out a Rs 750 crore bonus to its subscribers for 2015-16 instead of raising the interest rate, a first of its kind move that could translate into double-digit returns for crores of workers on their retirement funds.
EPFO had earlier proposed raising the interest rate to 8.95% in the current fiscal year, compared with 8.75% in 2013-15 and 2014-15, based on its earnings estimate for the year.
The proposal had met with some resistance from the finance ministry as it would put pressure on it to raise interest rates on small savings schemes and would not be sustainable going ing forward. Therefore, the retirement fund body that manages the savings of more than 5 crore organized sector workers is considering a onetime bonus payment.
"We are considering the option of bonus for the first time because this would substantially benefit people in the low income bracket who are otherwise not entitled for an income tax exemption for deductions under PF," a senior government official, who is privy to the proposal, told ET. Only those subscribers who have contributed for 12 months in a row would be eligible for the bonus. As per EPFO's internal estimate, around half its subscribers would get bonus this year if the proposal went through with this condition.
"In a way we are introducing differential interest rate for our subscribers under which low income people would get double-digit interest rate for their deposits in the current fiscal (year)," the official said, speaking on the condition of anonymity.
The February 16 meeting of EPFO's Central Board of Trustees - it includes representatives of the government, employees and employers - would weigh both options (bonus payout and an increase in interest rate) and will make a final decision.
To become effective, it will then have to be notified by the finance ministry. The proposal of differential interest rate, however, is likely to face stiff opposition from trade unions including RSS-affiliate Bhartiya Mazdoor Sangh.
"We don't appreciate the idea because it is only benefiting a few and not all EPFO subscribers. What they propose to distribute as bonus is the surplus income from the contribution of all employees and hence it should be equally distributed," Vrijesh Upadhyay of BMS said.
EPFO provides the interest from the returns on investments it makes, without any assistance from the government. So, workers' representative are of the view that there is no difficulty in providing a higher rate of interest for the current fiscal year.
Friday, 15 January 2016
Employees News
21:44
Raising of Bonus Payment Ceiling to the Central Government Employees
Raising of Bonus Payment Ceiling to the Central Government Employees
Ph.: 23382286
National Council (Staff Side)
Joint Consultative Machinery
For Central Government Employees
13-C, Ferozshah Road New Delhi – 110001
E Mail : nc.jcm.np@gmail.com
Shiva Gopal Mishra
Secretary
No. NC-JCM-2015/S.C
January 11,2015
The Secretary
Government of India
Department of Expenditure
North Block, New Delhi- 110 001
Subject: – Raising of Bonus Payment Ceiling to the Central Government Employees.
Reference: – The payment of Bonus (Amendment) Bill 2015.
Sir,
The Payment of Bonus (Amendment) Bill 2015 was passed by both the houses of the Parliament. The amendment provides that the existing Ceiling limit of Bonus for 30 days Rs. 3,500/- is enhanced to Rs. 7,000/- for 30 days. This amendment will take effect from 01.04.2014 (A copy of the Bill passed in the Parliament is enclosed for your kind ready reference).
You are aware that any change in Bonus Act would be an indicator while deciding the Payment of Bonus to the Central Government Employees. Accordingly, every time when Bonus Act is amended raising the payment ceiling limit, it is extended to Central Government Employees also. This issue was also raised by the Staff Side in the Standing Committee Meeting of National Council (JCM) held on 09th October, 2015.
It is therefore requested that steps may be taken for issuing Government Orders for enhancing the Bonus Payment Ceiling limit of Central Government Employees both PLB and Adhoc Bonus to Rs. 7,000/- w.e.f 01.04.2014 and arrears of PLB and Adhoc Bonus for the year 2014-2015 may be paid to the employees.
An earlier and favorable action is solicited.
Thanking you,
Yours Sincerely,
Sd/-
(Shiva Gopal Mishra)
Secretary
Source : http://confederationhq.blogspot.in/
Monday, 19 October 2015
news
11:09
Bonus-ALL GOVT OFFICES &PSU
The ceiling of Rs 10000/- as Gross Salary and maximum of Rs 3500/- payable as Bonus to be ended and Bonus should be payable to All Bank Employees as One Month Salary like All Govt Offices, PSUs & Companies Act....
Raise your voice against this discrimination to your UNION LEADERS....
Source :BankingUpdates.
